Total, Apexindo ink rig contract worth $590m
Monday, February 18 2013 - 09:49 AM WIB
PT Total E&P Indonesie and rig provider PT Apexindo Pratama Duta inked on Monday an extension of contract of the leasing of five rigs for ?worth US$590 million.
The agreement on the extended rig leasing contract between Total and Apexindo was a follow-up step of the general tender process agreed in the middle of 2012 for Rig Yani, Rig Maera, Rig Raisis, Rig Raniworo and Rig Soehanah.
The contract was signed by Total E&P Indonesie President Director Elisabeth Proust and Apexindo Vice President Director Zainal Abidinsyah Siregar.
The contract is part of Total?s effort s to help retain production rate from the Mahakam block through drilling campaigns. Under its Work Plan and Budget (WP&B), Total is set to drill 110 well throughout the year.
Under the contract, Rig Soehanah will be leased for 2.5 years, Raniworo 1 year, Yani 2 years, Maera 2 years, Raises 2 years.
As operator of the Mahakam, Total operates 10 drilling rigs, of which 6 (six) are contracted through Apexindo. The cooperation between Apexindo and Total E&P Indonesie began in 1992 with the swamp-barge Maera started its first drilling operations in Mahakam Delta. Last year, this cooperation led to deliver with exceptional HSE results from more than 70 wells of 103 wells drilled by Total, which is one third of Total group worldwide overall delivery.
Editing by Dadan Wijaksana