Lundin Wins South Sokang PSC
Lundin Petroleum AB on Monday secured a new production sharing contract (PSC) for the South Sokang Block from MIGAS, the Indonesian oil and gas regulating authority. The block is located in the Natuna Sea, offshore Indonesia.
The South Sokang Block covers an area of approximately 4,994 km2. It contains a new previously unknown frontier Eocene/Oligocene basin, which has been discovered by Lundin Petroleum.
Lundin Petroleum holds a 60 percent interest in the block, with Salamander Energy holding the remaining 40 percent interest. Lundin Petroleum is the operator of the block.
During the first three-year exploration phase Lundin Petroleum plans to shoot 2,400km 2D and 500km2 3D seismic.
The PSC will be signed on December 10, 2010.
Ashley Heppenstall, President and CEO of Lundin Petroleum, commented: "The award of the South Sokang PSC is an important step in the continued expansion of Lundin Petroleum's exploration portfolio in South East Asia. The Natuna Sea is a core area for Lundin Petroleum demonstrated by the number of blocks it already holds in Malaysia and Indonesia."
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension