Statoil Increases its Presence in Indonesia

Source: www.gulfoilandgas.com 5/24/2011, Location: Asia

Statoil has farmed in to three offshore exploration licenses in Indonesia, significantly expanding the presence in the country. Statoil will acquire a 40% equity interest in a North Makassar Strait Production Sharing Contract (PSC) and a similar interest in two additional offshore PSCs (West Papua IV and Halmahera-Kofiau). The three production sharing contracts (PSC) will be operated by Niko Resources Ltd.Given exploration success, Statoil has the option to become the operator in the development and production phases.

“This is an early access opportunity that adds significant additional acreage to our portfolio” says Pal Haremo, senior vice president for Exploration. “Our focus is to support Statoil’s exploration strategy, by adding materiality to our existing portfolio in Indonesia and increasing Statoil’s acreage position in general,” he adds.

The agreement signed includes one exploration well commitment for the North Makassar Strait PSC. The agreement is effective from 1 January 2011, and is subject to governmental approval in Indonesia. Statoil is already an operator in the Karama offshore PSC in Indonesia and partner in the neighbouring Kuma PSC in the Makassar Straits. Exploration drilling is planned for both these licenses in 2011.


Tanzania >>  6/29/2022 - Wentworth, the independent, Tanzania-focused natural gas production company, is pleased to provide an update on its agreement with Scirocco Energy plc...
Tanzania >>  6/29/2022 - Scirocco Energy, the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, is please...

United States >>  6/29/2022 - A 51 percent stake in the North Platte deep water development project in the US Gulf of Mexico will be sold by Equinor to Shell. Shell will take over ...
Brazil >>  6/27/2022 - Petrobras, following the announcements released on 02/08/2021, 08/25/2021 and 10/01/2021, informs that it restarted the sale processes of the Abreu e ...

South Africa >>  6/27/2022 - In accordance with a farmout agreement (the "Agreement"), Eco (Atlantic) Oil & Gas Ltd., the oil and gas exploration company with a focus on the offsh...
United States >>  6/27/2022 - Sitio Royalties Corp. (STR) ("Sitio") announced that it has completed the acquisition of over 19,700 net royalty acres ("NRAs") in the Permian Basin f...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.