The price tag for the field near Madura in East Java is believed to be around US$170 million.
In a statement Sigit said, “Two foreign banks, Fortis and CSFB, have also agreed to provide financial support for Energi Mega Persada with a loan of US$70 million.”
“The loan will be repaid in five years with floating market interest rate,” added Sigit without elaborating further.
It is understood EMP stands to gain the same net profit of US$17 million per year from the operation of the block as BP recorded last year.
