ConocoPhillips completes full acquisition of Palangkaraya PSC
Thursday, January 30 2014 - 04:04 PM WIB
By Romel S. Gurky
US oil major ConocoPhillips said in a fourth quarter report released on Thursday that it has acquired 100 percent interest in the Palangkaraya PSC, Central Kalimantan, turning the company as the operator of the block.
ConocoPhillips acquired in January of last year 49 percent interest in the block from Petcon Borneo, the previous 100 percent owner and operator of the block, which comprises of 1.9 million acres and is located in a frontier exploration area in the province. Petcon obtained contract of the block in July of 2012.
Editing by Reiner Simanjuntak