The company reported that its Malacca Strait asset has signed a gas sales agreement (GSA) with BOB PT BSP – Pertamina Hulu Energi. ENRG is expected to sell 9mmsfcd to BOB at a price of US$4.9/mmbtu (with an escalation term of 3% per annum) from 2H12 to 2020. Total contracted volume of gas within the agreement is 25bcf of gas.
Note that up to 1H10, Malacca Strait produces around 11.9mmscfd, in which 4.5mmscfd is flared, while the remaining is used as fuel for the company’s pump and power generator.
We view this contract will give a positive impact to company as no more gas would be flared in such asset, and the contracted gas selling price will boost current average gas selling price of only US$2.5/mmbtu. Note that volume for such agreement reflected around 15.5% of FY10F daily gas production of 58mmscfd.
Tidak ada komentar:
Posting Komentar