BPMIGAS signs new PSC
Monday, December 30 2002 - 03:14 AM WIB
BPMIGAS, the country?s authority in the upstream oil and gas sector, signed on Monday a new production sharing contract (PSC) with ENI Lasmo Company (operator) and Unocal Indonesia, which equally controls interest in the Muara Bakau Offshore oil block in the Makassar Straits, a press release said.
This is the first news PSC area deal signed by BPMIGAS since it was set up several months ago.
Under the PSC, which was signed by BPMIGAS Chief Rachmat Sudibjo, the above consortium has a three-year commitment to carry out 3D seismic covering an area of 1,400 square kilometer. It will also drill two exploration wells in the first year, and another one in the second year.
Over the next years, the consortium will invest some US$35 million. (Godang)