LNG

Empyrean Energy, the UK-listed oil and gas company with main interests in Indonesia and China, reported a successful share placement and debt restructuring and provided an update on supplying pipeline natural gas to Singapore in competition to LNG and made advances with its Topaz project offshore China.

May 2 (LNGJ) - Empyrean Energy, the London Stock Exchange-listed oil and gas development company with interests in China, Indonesia and the US, reported progress on a gas sales agreement with a Singaporean buyer for Indonesian gas and the UK company has told the gas field operator and majority stake holder, Conrad Asia Energy, that it would entertain bids for its own 8.5 percent stake.

   “Negotiation of key terms of the Mako gas sales agreement between a Singaporean buyer and the Indonesian upstream regulator, SKKMigas, are expected to be finalised during the second quarter, with Mako being a key strategic gas asset for both countries,” said Empyrean. The Mako gas field is part of the Duyung production sharing contract and is the largest undeveloped gas field in the West Natuna Basin from where gas is exported by pipeline to Singapore.