PTTEP Expands Investment in Indonesia
PTT Exploration and Production Plc (PTTEP) signed a Farm-in/Farm-out Agreement for Block Bengara I with PT Medco E&P Bengara Company Limited (Medco) on November 24, 2006.
Under the agreement, PTTEP Bengara I Company Limited (PTTEPB), a subsidiary of PTTEP, will hold a 40% of interest, while PT Medco E&P Bengara retains 60% and is the Operator of this project.
The onshore Block Bengara I covers an area of approximately 2,311 square kilometers. The block is located in the eastern part of Kalimantan Island, Indonesia. Primary geological study for the Block indicates crude oil potential. The project partners plan to drill one exploration well this year.
PTTEP President, Mr. Maroot Mrigadat states that the Bengara I is the second exploration investment in Indonesia. He views the signing of the agreement as another significant step for the company, "PTTEP is pleased to collaborate once more with Medco and Indonesian government with whom PTTEP has always enjoyed good working relations with." PTTEP has previously invested in the Merangin I Block in Indonesia since 2005.
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