Don't display this message again [x]

Dear User,

On March 28, 2015 OilCareers and Rigzone will be coming together to provide you with access to the world’s largest resource for Oil and Gas news, jobs and industry insights.

We have recently updated our Terms & Conditions to accommodate these changes. Please read them carefully. By using the Site, you agree to be bound by these terms and conditions. These Terms and Conditions are effective as of March 30, 2015.

Finance & Investing
News Services
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy


Oilex Receives Conditional PSC Extension Offshore Timor Leste

change text size

Oilex said Friday that it has been advised by the Autoridade Nacional do Petróleo of Timor Leste that the current contract expiry date for the Joint Petroleum Development Area (JPDA) 06-103 Production Sharing Contract (PSC) has been extended by one year to Jan.15, 2014.

The extension, sought by Oilex, the operator of the block with a 10 percent stake, comes with a requirement to secure a suitable rig by June 15, 2013.

"Engineering reviews and negotiations continue in an effort to identify and secure a suitable rig from several possible candidates," Oilex said in its disclosure on Friday.

The partners of the block have been preparing to drill the Bazartete prospect since the middle of last year as the third commitment well under the PSC terms, but they have been unable to spud a well due to a lack of rig availability.

Besides Oilex, other oil operators in the Southeast Asian region are also experiencing difficulties in securing rigs for their drilling programs. Gas2Grid's Director Patrick Sam Yue told Rigzone on Thursday that he has received several requests from regional oil operators seeking to loan the company's rigs, Rig-1 and Rig-2, for drilling their programs this year.

Oilex disclosed in a statement last year that the Bazartete prospect is selected due to its resource potential. The prospect, said Oilex, has an unrisked mean prospective oil resource of approximately 70 million barrels, with a 23 percent success within JPDA 06-130.

The Bazartete prospect is located in the Northern Bonaparte Basin and is near to producing oilfields, Laminaria/Corallina and Kitan as well as the Kuda Tasi oil discovery.

The partners in the PSC, apart from Oilex, are: Videocon JPDA 06-103 (20 percent), GSPC (20 percent), Bharat PetroResources (20 percent), Japan Energy E&P (15 percent) and Pan Pacific Petroleum (15 percent).

JPDA 06-103 is sited within the northern Bonaparte Basin, offshore northwest Australia, within the JPDA where Timor Leste is the designated authority.


Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Most Popular Articles
From the Career Center
Jobs that may interest you
Subcontracts Manager (Contract) - Subsea/Offshore Construction
Expertise: Construction Superintendent|Contracts Administration
Location: Houston, TX
Water Well Driller
Expertise: Driller|Floorhand
Location: Central Valley, CA
Electrician (Drillship in Gulf of Mexico)
Expertise: Rig Electrician
Location: Gulf of Mexico
search for more jobs