The Pase Production Sharing Contract (PSC) is located in North Sumatra and presently encompasses 922km2. It was acquired from ExxonMobil and the acreage has only been explored once and this was specifically for augmentation of gas supply to the Arun LNG plant. Triangle has identified significant remaining potential through the improvement of current gas production through workovers, water handling and attic drilling as well as through exploitation of shallow hydrocarbon discoveries. Triangle hopes to realise significant further production and upside through a focused approach and a different mindset.
The Pase PSC was taken out by Mobil in 1981 for a period of 30 years. The Pase Field was discovered in 1983. Production commenced in 1998 and in 2003 ExxonMobil estimated that the field contained 498 BCF gas in place. Cumulative production to date is 183 BCF.
The gas from Pase is predominantly sold through the Arun LNG plant at a premium price tied to a basket of crude oil markers.
The Pase PSC is an arrangement between Triangle’s wholly owned subsidiary, Triangle Pase Inc (TPI) and the government of Indonesia. Under the Pase PSC, TPI is responsible for operating and funding all exploration and production operations. Under the Pase PSC Triangle’s share of gas production is 67.5% however this is increased to 86% due to a significant cost recovery pool.
The current PSC expires in February 2012 and Triangle has applied to renew the PSC for an additional twenty years.
Current production is from three wells, Pase A1, Pase A5 and Pase A6.
