MIGAS, the Indonesian oil and gas regulating authority, awarded Lundin Petroleum a production sharing contract (PSC) for the Gurita block.
The block, located in the Natuna Sea, offshore Indonesia, spans 1.9 million acres (8,018 square kilometers) and is adjacent to the main oil and gas producing area in the Natuna Sea.
The PSC contains a portfolio of exploration opportunities that will be further delineated by the planned 3D seismic acquisition program, which Lundin plans to acquire [98,842 acres (400 square kilometers) of 3D seismic data] in the near future.
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