VICO submits request for contract extension of Sanga-sanga PSC
Monday, June 22 2015 - 10:16 AM WIB
Virginia Indonesia Co. (VICO) has submitted the request for an extension of the contract on the Sanga-Sanga block in East Kalimantan which expires in 2018, according to an industrial source.
?The request for contract extension is being reviewed by SKK Migas,? the source said.
State owned oil and gas firm PT Pertamina has sent a letter to the Ministry of Energy and Mineral Resources where it expressed intention to take over the block after the expiry of the current contract. PT Saka Energi Indonesia, a subsidiary of state owned firm PT Perusahaan Gas Negara (PGN), is also reportedly interested in the block, is even seeking to farm into the block before the expiry of the contract.
Two weeks ago, Director General of Oil and Gas IGN Wiratmaja Pudja said that he supported Saka Energi?s farm-in plan.
Participants of the block are BP East Kalimantan Ltd (26.25 percent), Lasmo Sanga Sanga Ltd (26.25 percent), Virginia International Co. (15.625 percent), Virginia Indonesia Co. (7.5 percent), Opicoil Houston Inc. (20 percent), and Universe Gas & Oil Company Inc. (4.37 percent).
Editing by Johannes Simbolon