SK MIGAS extends Warim Block contract in Papua
Friday, January 4 2013 - 03:38 AM WIB
Interim upstream authority SK MIGAS has approved the proposal of Conocophillips to extend its contract of operating Warim Block in Papua until the year of 2032.
?The contract has been approved by SK MIGAS of the energy and mineral resources ministry for amendment to end by year 2032,? SK MIGAS Deputy Chairman Y.Widjanarko told Petromindo.com on Friday in Jakarta.
According to SK MIGAS Planning Deputy Widiyawan Prawiraatmadja, ConocoPhilips will conduct an internal 2D seismic study, and the prospect of the working area. ?In the Warim working area, ConocoPhilips will conduct an internal study for seismic 2D. It will also review the prospect of the block,? Widiyawan told Petromindo.com.
Currently, energy and mineral resources minister only agrees to give the company an extended 15 years to compensate for their lost years. So, based on that the contract will end in 2032. ?The contract will be amended and the working area will be back in business,? he said.
Editing by Benget Besalicto Tnb.