Statoil set to join Indonesia PSCs

Statoil has farmed in to three exploration licenses offshore Indonesia.

Offshore staff

STAVANGER, Norway -- Statoil has farmed in to three exploration licenses offshore Indonesia.

The company will take 40% equity in a North Makassar Strait Production Sharing Contract (PSC) and a similar interest in the West Papua IV and Halmahera-Kofiau PSCs, all operated by Niko Resources.

However, in the event of exploration success, Statoil has the option to become operator in the development and production phases.

The agreement, effective from Jan. 1, 2011, includes one exploration well commitment for the North Makassar Strait PSC.

Statoil already operates Indonesia’s Karama offshore PSC and is a partner in the nearby Kuma PSC in the Makassar Straits. Exploration drilling is planned on both these permits later in the year.

05/24/2011

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