ConocoPhillips, Petcon plan Kalimantan exploration drilling
Friday, November 1 2013 - 12:49 AM WIB
By Alexander Ginting
US oil major ConocoPhillips and partner will start drilling at Palangkaraya PSC, Central Kalimantan next year.
The company reported in its Third Quarter Conference Call on Thursday that it has received approval from Indonesian government to farm-in 49 percent interest in the block.
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.
Editing by Reiner Simanjuntak