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BP Awarded Two Exploration Blocks in Indonesia

Source: www.gulfoilandgas.com 11/21/2011, Location: Asia

BP confirmed today that it has been awarded two oil and gas production sharing contracts (PSCs) by the Government of Indonesia. The company has been awarded 100 per cent interests in the offshore West Aru I and II PSCs in the Arafura Sea, Indonesia.

The West Aru I and II PSCs are located approximately 500 kilometres southwest of the BP-operated North Arafura PSC and 200 km west of the Aru island group, in the Maluku province of Indonesia. The West Aru I PSC covers an area of approximately 8,100 square kilometres and the West Aru II PSC covers an area of approximately 8,300 square kilometres. The two blocks have water depths ranging between 200 metres and 2,500 metres. BP expects to commence seismic operations in these blocks in the near future.

“In the past two years BP has deepened its position in Indonesia through access to four coalbed methane PSCs in Kalimantan and three conventional gas blocks in Papua. These two new blocks are strong additions to this portfolio and will benefit from BP’s expertise in deepwater exploration. We appreciate the continued support and confidence of the Government of Indonesia,” said William Lin, BP's Regional President for Asia Pacific.

Including the award of these blocks, BP has gained access to 69 new licence blocks in 11 countries around the world since October 2010, including the Kalimantan coalbed methane and North Arafura blocks in Indonesia. The company plans to double its spend on exploration worldwide over the next few years.

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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  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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