French oil company Total has signed an agreement with Southeast Asia oil and gas firm Pearl Oil to acquire a 15% interest in Indonesia's offshore Sebuku license in the Kalimantan region.
As per the terms of the agreement, Pearl Oil will retain a 70% interest as the operator while Inpex holds the remaing 15%.
This license, which is located 300km south of the Total-operated Peciko facilities, covers an area of more than 2300sq km, in water depths ranging from 50m to 200m.
The company said that the Ruby gas was discovered in the Sebuku license.
The Ruby plan of development was approved by the Indonesian authorities in July 2008 and the operator expects the field to come on stream in 2013, with a natural gas production target of 100 million cubic feet per day (around 1 billion cubic metres per year).
The acquisition will enable Total to consolidate its presence in the Kalimantan region, near the Mahakam and South East Mahakam licenses operated by the group.