Indonesian gas firms sign gas swap deal to meet domestic demand
TANGERANG, Indonesia, May 21 (Reuters) - Gas producers in western Indonesia have signed a swap deal with state-owned distributor Perusahaan Gas Negara and Singaporean buyers Sembcorp Gas and Gas Supply Pte to shore up domestic gas supply, state energy firm PT Pertamina said on Wednesday.
The gas swap scheme aims to ensure demand from Indonesia's power sector and industry is met in anticipation of declining natural gas production in Sumatra, Pertamina said in a statement.
Under its terms, Indonesian gas producer MedcoEnergi - whose units operate within the West Natuna Supply Group and Corridor Block, which are also parties to the deal - will replace flows to Singapore from the Corridor Block with those from the WNSG, Medco said in a separate statement.
Flows from the Corridor Block will be re-diverted to meet Indonesia's domestic gas needs, with Perusahaan Gas Negara as a domestic buyer. Medco also signed a separate gas sales agreement with PGN.
The collaboration will ensure adequate gas supply in the domestic and international markets, said Ronald Gunawan, MedcoEnergi's director and chief operating officer.
Indonesia's oil and gas regulator SKK Migas had previously said it was aiming for a gas swap to begin in June.
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