An energy unit of Abu Dhabi’s Mubadala Development Company has received approval to develop a $500 million offshore Ruby gas project with its partners, The Wall Street Journal reports. The approval has been provided by Indonesia’s upstream regulator BPMigas.
Mubadala’s field partners in the gas field development are Pearl Oil, a wholly-owned subsidiary of Mubadala’s Pearl Energy, which will have a 70% stake in Ruby, while Total E&P Sebuku and INPEX South Makassar will own 15% each, adds Reuters. The field is due to be operational in 2013 and its gas will be sold to the state-owned PT Pupuk Kaltim, which operates a fertilizer plant.
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