Update 1: Govt awards five oil and gas blocks to foreign investors
Friday, May 23 2008 - 03:36 AM WIB
The government has decided to award five oil and gas blocks to foreign investors who bid for the blocks through a direct offer mechanism.
The five blocks are South Barito, which was awarded to Murphy Overeseas Ventures Inc.; Rangkas in onshore Banten, which was awarded to Lundin Oil & Gas B.V.; South East Palung Aru, offshore Aru island which was awarded to the consortium of CNOOC South East Asia Ltd and Petronas Carigali Overseas Sdn Bhd; West Timor, onshore/offshore Timor which was awarded to Eni Indonesia Ltd; and Kasuri, offshore Papua which was awarded to Genting Oil & Gas Ltd.
Director General Oil and Gas at the Ministry of Energy and Mineral Resources Luluk Sumiarso said on Friday the five firms and consortium have pledged to invest US$201.45 million in exploration efforts and would give a total of $24.40 million in signature bonus to the government. (Bernard/denny)
| COMMITMENT OF THE WINNERS IN THREE YEARS | |
| 1. SOUTH BARITO BLOCK : Murphy Overseas Ventures Inc. | |
| G & G Study | US$600.000 |
| 2D Seismic Survey | 200 Km2 |
| New Field Wildcat | 2 Wells |
| Signature Bonus | US$1,400,000 |
| 2. RANGKAS BLOCK: Lundin Oil & Gas B.V. | |
| G & G Study | US$ 205,000 |
| 2D Seismic Survey + Re-processing | 4,000 Km + 1,000 Km |
| New Field Wildcat | - |
| Signature Bonus | US$1,500,000 |
| 3. SOUTH EAST PALUNG ARU BLOCK: Consortium of CNOOC South East Asia Ltd and Petronas Carigali Overseas Sdn Bhd. | |
| G & G Study | US$900,000 |
| 2D Seismic Survey | 1,200 Km |
| New Field Wildcat | 1 well |
| Signature Bonus | US$1,500,000 |
| 4. WEST TIMOR BLOCK: Eni Indonesia Ltd. | |
| G & G Study | US$400,000 |
| 2D Seismic Survey | 300 Km |
| 3D Seismic Survey | 500 Km2 |
| New Field Wildcat | 1 well |
| Signature Bonus | US$1,000,000 |
| 5. KASURI BLOCK: Genting Oil & Gas Ltd. | |
| G & G Study | US$1,500,000 |
| 2D Seismic Survey | 1,000 Km |
| 3D Seismic Survey | 200 Km2 |
| New Field Wildcat | 5 wells |
| Signature Bonus | US$ 19,000,000 |
| TOTAL COMMITMENTS | |
| COMMITMENTS: | |
| Study G & G | US$3,600,000 |
| Survey Seismic 2D: 3,100 Km | US$30,850,000 |
| Seismic 3D: 700 Km2 | US$10,000,000 |
| Exploration Wells: 9 | US$157,000,000 |
| TOTAL BUDGET: | US$201,450,000 |
| SIGNATURE BONUS: | US$24,400,000 |