Statoil Wins Stake in Indonesian Deepwater Block


Kuma Block
(Click to Enlarge)
Statoil signed a production sharing contract (PSC) today for a stake in the deepwater Kuma block off Indonesia. This is the first time the group has been awarded exploration acreage in Indonesia.

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.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Division Order Analyst - DJ Land Administration
Expertise: Business Analyst|Commercial Management|Landman
Location: Denver, CO
 
Staff Land Analyst Job
Expertise: Lease Analyst
Location: Houston, TX
 
Channel Development Manager Job
Expertise: Business Development|Sales
Location: Minneapolis, MN
 
search for more jobs

Brent Crude Oil : $56.86/BBL 0.76%
Light Crude Oil : $50.66/BBL 0.21%
Natural Gas : $2.959/MMBtu 0.30%
Updated in last 24 hours