TotalFinaElf Looking To Extend PSC on Mahakam Block

TotalFinaElf is requesting that its production sharing contract for the Mahakam block offshore Indonesia be extended. The company's contract on the block will expire in 2017. Balak, the Indonesian oil industry overseer, has said the request is being taken into consideration. There are huge reserves of natural gas in the East Kalimantan area and TotalFinaElf has said it would spend $1 billion on additional development during 2002 and 2003 to boost production. Currently, production from the Mahakam block is approximately 2.0 billion cubic feet per day.