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Indonesia Awards Oil,Gas Block To Conocophillips-Statoil

Source: www.gulfoilandgas.com 12/13/2006, Location: Asia

The Indonesian government Wednesday awarded 18 new oil and gas blocks to foreign and local companies, which will invest a total of $235.8 million during the first three years of exploration, the Energy and Mineral Resources Ministry said.

The government awarded the Kuma block offshore West Sulawesi to a consortium consisting of ConocoPhillips and Norway's Statoil ASA.

A consortium led by CNOOC Ltd. (CEO) was awarded the onshore Batanghari block in central Sumatra, the ministry said in a press release.

Meanwhile, a consortium comprising London-based Serica Energy Corp. and Indonesia's PT Ephindo won the Kutai Block, which is located both onshore and offshore East Kalimantan.

The government awarded the Sekayu block onshore South Sumatra to Star Energy Holdings Pte. Ltd. and the Siberu block offshore East Java to a consortium consisting of Indonesia's Mitra Energy Ltd. and Pearl Oil.

Pearl oil also won the Karana block located in the Makasar Strait, the press release said.

Buton block, located offshore and onshore Southeast Sulawesi, was awarded to a consortium formed by Kuwait Foreign Petroleum Exploration Co., or Kufpec, Primer Oil and Japec.

Other blocks were awarded to little-known Indonesian companies.

The ministry said it plans to offer 20 new oil and gas blocks next year, namely offshore northern West Java, Papua and Sulawesi.

The awarding of the new blocks is expected to boost Indonesia's crude oil production, which fell to its lowest levels in over three decades earlier this year.

Indonesia, the only Southeast Asian member of the Organization of Petroleum Exporting Countries, has been a net importer of oil since 2003.

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