29 Jun '18, 3am

#Exports of Indonesia's Cinta, Widuri crudes could cease when #CNOOC PSC ends

Exports of Indonesia's Cinta and Widuri crudes could cease from September with the end of operator CNOOC's production sharing contract in southeast Sumatra, industry sources said this week. CNOOC's recent sale of August-loading cargoes of Cinta and Widuri crudes, which have sulfur content of about 0.9% by weight and API gravity of 31.1 and 32.5 respectively, could be the last cargoes of the crudes for export, sources said. The crudes, once a favorite with Japan's utility firms for direct burning purposes, are now largely exported to China. CNOOC's production sharing contract in southeast Sumatra, where the Cinta and Widuri fields are located, is due to expire September 5, according to documents seen by S&P Global Platts. CNOOC is the majority stakeholder in the offshore Southeast Sumatra PSC with a 65.54% stake. The other stakeholders include Indonesian state-owned Pertami...

Full article: https://www.platts.com/latest-news/oil/singapore/exports-...

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