Indonesia to build nine oil and gas blocks
Offshore staff
The Indonesian government has received $102.5 million in exploration commitments for the next three years for nine oil and gas blocks awarded recently to international and local companies.
The new concession winners include ConocoPhillips, which has taken the Amborip VI block in the Arafua Sea, and PT Energi Timur Jauh has taken the East Kangean block in East Java.
Two blocks, the Northeast Madura V block in East Java and the Amborip V in the Arafura Sea, did not receive bids.
Winners of the new concessions agree to invest $7.95 million on geological and geophysical studies, $25.85 million on 2-D and 3-D seismic surveys and $68.7 million on drilling 27 exploration wells. These companies will pay a combined signature bonus of $7.9 million upon contract signing.
08/11/05