Conoco plans to drill Palangkaraya block later this year
Thursday, January 30 2014 - 02:22 AM WIB
ConocoPhillips Indonesia, the subsidiary of American firm ConocoPhillips, plan to drill Palangkaraya block in Central Kalimantan at the end of third quarter or the start of fourth quarter of the year.
The firm also plans to carry out seismic survey on Warim block onshore West Papua this year.
" We plan to begin drilling activities later this year in Palangkaraya PSC, as we are currently preparing the necessary permits. Meanwhile for Warim PSC, we are coordinating with SKK Migas and the local government on our plans to conduct seismic activities this year," Vice President Development & Relations Conocophillips Indonesia Joang Laksanto told petromindo.com
In January 2013, ConocoPhillips signed a farm-in agreement to acquire a 49 percent participating interest in the Palangkaraya PSC. The block, which is operated by Petcon Borneo, comprises of approximately 1.9 million acres and is located in a frontier exploration area in central Kalimantan.
ConocoPhilips is the operator of Warim PSC with 80 percent interest in a partnership with Australian firm Santos which has the remaining 20 percent interest.
The block?s exploration activities have been halted for years as some parts of the area were considered to have overlapped with Lorentz national park.
The government has extended the block?s contract by 15 years to 2032 to compensate the lost years.
Editing by Johannes Simbolon