Total Bids for Indonesia Offshore Oil & Gas Block

JAKARTA Sep 21, 2007 (Dow Jones Newswires)

Total S.A. (12027.FR) has filed a bid for an Indonesian offshore oil and gas block, a government official said Friday, as part of 25 blocks the government will open for bidding next month. The company bid under a so-called direct mechanism, in which the government still has to open the block to other parties for a better offer. If no better if offer is made, the company wins the bid. The block is located in the Sumba area in West Nusa Tenggara Province, said Priyono, upstream oil and gas director at the Mines and Energy Ministry. Separately, several oil majors, including state-owned PT Pertamina in a tie up with Russia's OAO Lukoil Holdings (LKOH.RS), are interested in the Semai block in Papua, he added. The Semai block has drawn strong interest because it holds an estimated 1 billion barrels of oil equivalent. The government has been trying to boost production by opening the blocks to investors amid declining output.

Copyright (c) 2007 Dow Jones & Company, Inc.

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