Santos Secures Further Indonesian Exploration Acreage
Santos
Santos Limited, on behalf of its wholly owned subsidiary, Santos (Donggala) Pty Ltd (Santos), announces that it has entered into agreements with Total and Inpex whereby Santos will obtain both companies' entire equity interests in the Donggala Production Sharing Contract (PSC) in the Kutei Basin, offshore Indonesia.
Under the agreement, Santos will take up a total equity interest of 65.45% in the Donggala PSC. Subject to further agreements with existing PSC participants Santos plans to farm-out up to half its new equity interest.
All transactions are subject to the approval of the Indonesian regulatory authority BPMIGAS.
It is the intention of the new PSC participants that once the transfer is approved by the authorities, Unocal, an existing PSC participant, will take over as Operator of the PSC from Total, the current Operator. After 31st December 2005 Santos will become Operator of the PSC.
Santos will assume its equity share of the PSC's future work program commitment including up to five wells over the next three contract years.
The Kutei Basin is a prolific hydrocarbon province with approximately four billion barrels of oil and 40 trillion cubic feet of gas discovered to date.
The Donggala PSC covers an area of 3,821km2 and is located in the North Eastern Kutei Basin, offshore East Kalimantan in water depths ranging from 1650 to 2450 meters.
The PSC was originally awarded to Total and Inpex in November 2001. Unocal and Pertamina farmed-in to the PSC after the initial award.
The Donggala PSC lies between the Popodi and Papalang PSC's. Santos acquired a 20%, non-operating interests in these PSC's in May 2003.
"The addition of the Donggala PSC to our existing exploration acreage gives Santos a particularly strong presence in the Kutei Basin and adds to our growing Indonesian portfolio," said Santos' Managing Director Mr. John Ellice-Flint.
"Santos is pleased to build on its relationships with Unocal and Pertamina and is looking forward to being part of an active joint venture in exploring this frontier trend," he said.
"The Donggala PSC contains several prospects and the first well with the new joint venture is planned for early to mid 2005. Santos plans to participate in at least four wells in the Kutei basin during 2005."
New interests in the Donggala PSC are Unocal with 19.55%; Pertamina with 15% and Sntos with 65.45%. Santos' stake is subject to further farm-out arrangements.
Under the agreement, Santos will take up a total equity interest of 65.45% in the Donggala PSC. Subject to further agreements with existing PSC participants Santos plans to farm-out up to half its new equity interest.
All transactions are subject to the approval of the Indonesian regulatory authority BPMIGAS.
It is the intention of the new PSC participants that once the transfer is approved by the authorities, Unocal, an existing PSC participant, will take over as Operator of the PSC from Total, the current Operator. After 31st December 2005 Santos will become Operator of the PSC.
Santos will assume its equity share of the PSC's future work program commitment including up to five wells over the next three contract years.
The Kutei Basin is a prolific hydrocarbon province with approximately four billion barrels of oil and 40 trillion cubic feet of gas discovered to date.
The Donggala PSC covers an area of 3,821km2 and is located in the North Eastern Kutei Basin, offshore East Kalimantan in water depths ranging from 1650 to 2450 meters.
The PSC was originally awarded to Total and Inpex in November 2001. Unocal and Pertamina farmed-in to the PSC after the initial award.
The Donggala PSC lies between the Popodi and Papalang PSC's. Santos acquired a 20%, non-operating interests in these PSC's in May 2003.
"The addition of the Donggala PSC to our existing exploration acreage gives Santos a particularly strong presence in the Kutei Basin and adds to our growing Indonesian portfolio," said Santos' Managing Director Mr. John Ellice-Flint.
"Santos is pleased to build on its relationships with Unocal and Pertamina and is looking forward to being part of an active joint venture in exploring this frontier trend," he said.
"The Donggala PSC contains several prospects and the first well with the new joint venture is planned for early to mid 2005. Santos plans to participate in at least four wells in the Kutei basin during 2005."
New interests in the Donggala PSC are Unocal with 19.55%; Pertamina with 15% and Sntos with 65.45%. Santos' stake is subject to further farm-out arrangements.
RELATED COMPANIES
Most Popular Articles
- 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
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- USA Oil and Gas Job Figures Jump
- 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