Offshore staff
(Hong Kong) -- CITIC Seram Energy Ltd. has agreed to buy 51% of Seram Island Non-Bula block from Kufpec (Indonesia) Ltd. for $97.4 million.
Conditional upon Indonesian government approvals, CITIC, a wholly owned subsidiary of CITIC Resources Holdings Ltd., will have rights to explore and produce in the block until 2019. CRH also will become operator of all of Seram Island Non-Bula block with Kufpec retaining an interest.
This is CRH's first oil project in Indonesia and it marks an important milestone for CRH in gaining exposure in the oil and gas sector in South East Asia and reinforces CRH's position as the natural resources arm of CITIC Group," said Kwok Peter Viem, chairman of CRH.
7/17/06
