15th Oct 2015 07:55
LONDON (Alliance News) - CEB Resources PLC Thursday said it has appointed Muhamad Slamet to head up its Indonesian operations as the company continues its expansion into the country.
Slamet has been given the role of country manager of Indonesia following on from news in September that CEB had agreed to assess potential oil and gas opportunities in the country with oil exploration company PT Akar Golindo, including the prospect of building a power plant or selling gas to foreign markets.
Slamet joins the senior management team in Indonesia, which is currently comprised of Vice President of Geoscience Didiek Sumasdi and Vice President of Operations Greg Mawhinney.
"Mr Slamet has specific expertise in building and managing strong relationships between multinational companies and the Indonesian government," said the company.
Previously, Slamet worked as the Senior Manager of Supply Chain Management for Nations Petroleum (Rombebai) BV where he managed procurement contracts worth over USD40.0 million to support seismic as well as drilling operations in the Rombebai block in Papua New Guinea. Most recently however, he was Vice President of Corporate Services for PT Nations Petroleum.
Sumasdi was previously Senior Manager of Exploration and Exploitation Onshore for ConocoPhillips Indonesia, whilst Mawhinney has worked as Field Manager of the Buzzard Field in the North Sea for Nexen and Operations Manager with Encana in Ecuador.
"[Slamet] will lead the implementation of the asset acquisition strategy assisted by Didiek Sumasdi and Greg Mawhinney. Muhamad is well thought of at all levels in the oil and gas industry in Indonesia as a man of great honour and integrity and we have been keenly waiting for him to complete his other executive duties and join our core team of industry professionals, which has over 250 years of combined experience in 35 countries worldwide," said Managing Director David Whitby.
Under the deal with PT Akar Golindo signed in September, the joint venture company will look at potential commercial opportunities around the Tuba Obi East oil and gas concession in the South Sumatran Basin, specifically the Tuba Obi East Technical Assistance contract, along with surrounding undeveloped gas discoveries to provide a detailed assessment of potential opportunities in the region.
CEB said the Tuba Obi East Technical Assistance contract has multiple oil and gas discoveries within the block, ongoing production and existing facilities, further exploration options, undeveloped reservoir zones and additional undeveloped gas discoveries in other blocks adjacent to the contract area.
CEB and Golindo are also in agreement that it could monetise the gas via the construction and operation of an independent power plant, selling electricity into the Sumatran power grid. The idea of building a power plant to generate electricity rather than sell the gas could benefit from the country's plan to supply an extra 35,000 megawatts of power over the next four years.
CEB shares were up 10% to 1.04 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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