Release: Hess signs Semai V Production Sharing Contract
Thursday, November 13 2008 - 10:23 AM WIB
The signing ceremony of the Semai V PSC was held as part of the 10th Indonesian Society of Petroleum Engineers Conference (IATMI) in Jakarta and was witnessed by the Minister of Energy and Mineral Resources, Purnomo Yusgiantoro.
The 30-year PSC grants Hess the license to explore for, develop and produce oil and gas in the Semai V Block, a 3,945-square-kilometer block offshore West Papua, Indonesia.
Under the terms of the Semai V PSC, Hess will carry out its first three year exploration commitment in water depths ranging from 100 meters to 2,200 meters. Hess currently holds a 100 percent working interest in the Semai V PSC and is the operator of the block.
Semai V Block adds an important new asset to Hess? Indonesian business, which also includes the currently producing Pangkah PSC operated by Hess, located offshore East Java, the Jambi Merang PSC in Sumatra and the non-operated West Natuna Sea Block A, which is being developed in phases to supply gas to Singapore and Batam Island.
Hess Corporation, with headquarters in New York, is a leading global independent energy company engaged in the exploration for and production of crude oil and natural gas, as well as in refining and marketing refined petroleum products, natural gas and electricity. More information on Hess Corporation is available at www.hess.com. (end of release)