Husky Energy received an extension approval from the Government of Indonesia for the existing Madura Strait Production Sharing Contract, originally awarded in 1982. The government approval provides a 20-year extension to the existing production sharing contract that would have expired in 2012. The Madura Strait PSC includes the Madura BD and MDA fields.
Madura BD, containing natural gas and natural gas liquids, is in the development phase. Husky stated many of the requirements to bring the field into production are in place. The Indonesian government approved a Plan of Development for the BD field, and front-end engineering and design was completed in the second quarter of 2010.
Husky and its partner in the Madura Strait have each agreed to sell a 10% equity stake in Husky Oil (Madura) Ltd. to Samudra Energy Ltd., through its affiliate SMS Development Ltd. Following the completed sale, Husky and CNOOC will respectively hold a 40% equity interest in Husky Oil (Madura) Ltd., with the remaining 20% held by Samudra Energy Ltd.
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