The finalization of the Production Sharing Agreement to develop the blocks is subject to further negotiation.
MedcoEnergi participated in the bid round through its wholly owned subsidiary, Medco International Holding Pte. Ltd., in partnership with Kuwait Energy Company, Indian Oil Corporation and Oil India Limited. Medco International's stake in the block is 45% and it is the operator.
Block 82 and 83 cover an area of 1,853 square kilometers and 346 square kilometers respectively and are located in the Sayun-Masilah Basin in Hadramout Province in Central Yemen near an oil producing block operated by a Canadian Company. More than 500 square kilometers of 2D seismic has been undertaken with one exploration well drilled in each block.
MedcoEnergi's participation on this tender is in line with its strategy to replace and add oil and gas reserves through acquisition and exploration. With the location of both blocks near an oil producing block, the Management of MedcoEnergi believes that Blocks 82 and 83 are in a productive hydrocarbon province and should contribute to the reserves and production of the Company in the future.
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