SKK Migas approves Medco?s expenditure for seismic survey
Friday, July 15 2016 - 01:02 AM WIB
IDX-listed energy firm PT Medco Energi Internasional Tbk announced on Thursday that upstream authority SKK Migas has approved its expenditure plan, better known in the industry as Authorization for Expenditure (AFE), for the acquisition of 330 km of 2D seismic data in South Sumatra PSC in South Sumatra province.
The seismic survey is scheduled to be carried out in the first quarter of 2017.
The program, which is a follow-up to the previous program, aims to get more precise data on shallow targets in the Musi Platform area which has an improved success ratio as evidenced in the latest discoveries at Arung-1 and Hijau-2 wells. The program also aims to meet the firm?s commitment.
The block is wholly owned by PT Medco E&P Indonesia. The contract on the block has been extended to 2033.
Editing by Johannes Simbolon