New Zealand Oil and Gas Ltd. announced Tuesday that ministerial approval has been received for a Plan of Development of the Kisaran Production Sharing Contract (PSC) in Sumatra, Indonesia, where the company has a 22.5 percent interest.
Two wells were successfully drilled there, in the Parit Minyak prospect, in 2013. A Plan of Development for the field was developed in 2014 and forwarded for government approval early this year.
Ministerial approval extends the Production Sharing Contract until 2031.
The approved plan would see up to seven wells at Parit Minyak as the initial phase of development. A low cost development is anticipated, using both rented and permanent facilities and trucking the oil to nearby facilities.
The joint venture expects to finalize an execution plan for the development before a final investment decision later this year.
New Zealand Oil & Gas Ltd has a 22.5 percent stake in the joint venture through its subsidiary NZOG Asia Pty Ltd. The Kisaran Joint Venture partners are Pacific Oil & Gas (55 percent and Operator) and Pacific Oil & Gas (Sumatera) Ltd, a subsidiary of Bukit Energy Inc. (22.5 percent).
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