VICO accepts extension of Sanga Sanga CBM PSC exploration period

By Febry Silaban

Virginia Indonesia Co. (VICO) has been granted by upstream authority SKK Migas a one-time extension of exploration period for the Sanga Sanga CBM block in East Kalimantan. The extension is for a maximum period of four years through November 2019.

"The extension of the second exploration phase of the block has been approved with conditions," SKK Migas? Vice President Management Representative for VICO Iman Nurkamal told Petromindo.com.

He said the reduction of the CBM working area is still being processed at the directorate general of oil and gas.

"VICO still continues with the CBM PSC pending the deregulation and certainty of the conventional Sanga Sanga PSC,? he said.

The Sanga Sanga CBM PSC was awarded on Nov. 30, 2009. Participants of the block are BP East Kalimantan CBM Ltd (26.25 percent), ENI CBM Ltd (26.25 percent), Virginia International Co. CBM Ltd. (15.625 percent), Virginia Indonesia Co. CBM Ltd. (7.5 percent), Opicoil Houston Inc. (20 percent), and Universe Gas & Oil Company Inc. (4.37 percent).

Editing by Reiner Simanjuntak