PTTEP to Participate in Block Merangin I in Indonesia
PTTEP has signed a farm-in agreement to acquire the interest in the Merangin I Production Sharing Contract, with PT Medco E&P Merangin. The participating interest for PT Medco E&P Merangin (the Operator) will be 61%, and for PTTEPO 39%.
The block Merangin I covers an area of approximately 3,200 square kilometers. The block is located onshore, in the south of Sumatra, Indonesia. A primary geological study for Block Merangin I indicates crude oil potential. The company plans to drill one exploration well in 2005.
The participation will be valid after BPMIGAS, an Indonesian government agency, approves the agreement.
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