PT Medco Acquires 50% of ConocoPhillips' Aceh Block A
PT Medco Energi Internasional, through its subsidiary, Medco Far East Limited/PT Medco E&P Malaka, and its partner Premier Oil Sumatra (North) BV a subsidiary of Premier Oil Plc, have signed a share sale and purchase agreement to obtain 100% share ownership of ConocoPhillips' ConocoPhillips (Aceh) Ltd. subsidiary which holds 50% working interest and acts as the operator in Block A Production Sharing Contract (Block A PSC) located in Nanggroe Aceh Darussalam province.
Upon completion of the transaction, Medco Energi and Premier will each own 50% share of CPAL.
In April 2006, Medco Energi and its partners, Premier and Japex announced the acquisition of 100% share of Mobil Block A Limited from ExxonMobil Block A Investment Limited, which was the holder of a 50% working interest in Block A PSC. The acquisition provided Medco Energi, Premier and Japex with working interests in Block A PSC equal to 16.67%, 16.66% and 16.67%, respectively.
The effectiveness of working interest, either directly or indirectly, held by MedcoEnergi and its partners in block will be as follows: Medco Energi as operator, Premier and Japex.
Block A is an exploration block located in the province of Nanggroe Aceh Darussalam on the northern tip of Sumatra Island, approximately 45 kilometers east of the giant ExxonMobil-operated Arun gas field. The block covers an area of 3,910 square kilometers of partially explored acreage in the central portion of the prolific North Sumatra Basin.
Operates 12 Offshore Rigs
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Company: Premier Oil more info
Operates 1 Offshore Rigs
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