The approximate 1 million acre offshore block is 50 miles north of Madura Island and 150 miles northeast of Java in water depths of approximately 150 to 250 feet. Anadarko will operate the block with a 100 percent working interest.
Under terms of the standard Production Sharing Contract to be entered into with BPMIGAS by year end, Anadarko will undertake a six-year exploration phase and 20-year production phase. During the initial three-year work program Anadarko plans to acquire a minimum of 2,560 square kilometers of 3D seismic and drill six exploration wells.
"Exploration for oil and gas in Indonesia is a growth opportunity for Anadarko," said Anadarko Senior Vice President, Exploration and Production, Bob Daniels. "Following our analysis of an extensive 3-D seismic survey covering most of the block, as well as our in-depth regional evaluation, we are encouraged by its potential and we look forward to pursuing additional exploration and production opportunities in Indonesia to complement this acreage."
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