Serica Energy to be operator of Kutai PSC

UK-based oil and gas firm Serica Energy plc said Thursday that it will be the operator of the newly awarded Kutai Production Sharing Contract (PSC).

Serica said that it will hold a 52.5 percent interest in the PSC and its partner PT Ephindo will hold the remaining.

The Kutai PSC covers an area, both onshore and offshore, of approximately 4729 sq km within the prolific Kutai Basin of East Kalimantan.

According to Serica, the PSC contains several previously drilled wells that successfully established the presence of hydrocarbons.

Serica will be acquiring a limited amount of new 2D and 3D seismic to augment the pre-existing seismic data set, as part of its work program to assess the prospect of the block, which will also include the drilling of up to four exploration wells. (denny)