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sale of oyong

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    Santos to Sell Entire Oyong Gas Reserves to Indonesia Utility
    By Jason Gale

    Adelaide, Australia, Feb. 2 (Bloomberg) -- Santos Ltd. agreed to sell the entire reserves of its Oyong natural gas field in East Java to Indonesia's state-owned power utility as the company seeks to sign more customers outside its Australian base.

    Santos, Australia's third-biggest oil and gas company, said PT Perusahaan Listrik Negara will buy the 90 billion cubic feet of gas Oyong is estimated to hold over about 10 years starting in 2004. The sale will account for about 5 percent of Santos's annual gas production, spokesman Graeme Bethune said.

    Financial details of the contract, denominated in U.S. dollars, weren't provided. The gas will power PT Indonesia Power's 766 megawatt-electricity generator at Grati, 60 kilometers (37 miles) southwest of the Oyong field, Santos said in a statement e-mailed to Bloomberg News.

    ``It adds to the solid base we're building in Southeast Asia and is in line with our overall strategy, which includes international diversification of our gas business,'' Managing Director John Ellice- Flint said.

    Santos owns 45 percent and is the operator of Oyong, which was discovered in August 2001. New Zealand's Cue Energy Resources Ltd. owns 15 percent, with the remaining 40 percent owned by El Paso Corp., the largest U.S. pipeline company.

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