Statoil's share in the Kuma block is 40% while operator ConocoPhillips has 60%.
President Susilo Bambang Yudhoyono of Indonesia and minister of energy and minerals Purnomo Yusgiantoro were present during the signing.
The companies' winning bid consisted of a US $5 million signature bonus, 1,000 square kilometers of 2D seismic and one well.
"This award marks an important new entry into the upstream business in Indonesia for Statoil and fits well into our overall E&P strategy," says Bill Maloney, senior vice president for global exploration (GEX).
The Kuma block lies directly off the west coast of Sulawesi and covers an area of over 5,000 square kilometers. Water depths are between 1,000 and 2,000 meters.
"In this project we will use our experience from deepwater operations around the world and build on our ability to apply advanced technology in our upstream ventures," says Mr. Maloney.
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