Overview
- Contains 2 discoveries: Ruby gas field and the small Pangkat oil deposit
- Plan of development for Ruby approved in July 2008
- incorporates two bridge-linked platforms and initially four development wells
- 312km pipeline to transport gas to new onshore receiving terminal for processing
- Gas sold to the local Kaltim fertiliser plants
- Ruby currently contracted to supply 85mmcfpd
- Production capacity of 115mmcfpd, so scope to provide more gas
Participation
- Mubadala (70%*), INPEX (15%), Total (15%)
Exploration
- 11 wells drilled to date
- Latest activity: Mubadala returned to drilling on the PSC in March 2010 - drilled NW Ruby-1 wildcat to test satellite prospect - unsuccessful
- Further exploration planned
- In March 2013, Mubadala awarded exploration block for the acreage surrounding Sebuku PSC, the West Sebuku block; 3D scheduled in 2014 with view to identifying future exploration prospects
Reserves, production and sales
- Commercial WM: 215mmcfd (gross at 1/1/2014)
- Production began in 2013 at 14mmcfpd, ramping up to 75mmcfpd in 2014
- GSA signed in June 2011 for the supply of gas for 10 years to PT Pupuk Kaltim at c.80mmcfpd
- Ruby gas to be predominantly used for fertiliser plant operations of the Kaltim V plant; however, as field declines, gas from other PSCs will be required to fulfil GSA
- Price formula reflects local pricing and international ammonia and urea costs
- Estimated USD/mcf: 2013 (7.7), 2014 (7.1), 2015 (7.0), 2016 (6.7)
Development
- Currently produces from 4 wells, with additional drilling in future depending on reservoir performance
- Installation/construction of onshore facilities finished at end 2012, offshore platforms in June 2013
- First gas in October 2013
Fiscal and NPV
- First Tranche Petroleum at 20%
- Post-tax profit gas split is 65:35 in the government's favour; 80:20 for oil
- Corporate tax of 40%
- DMO applied at 6.7% after 60-month holiday, reimbursed at 15% of export price
