Indonesia Awards PSA to Eni and Unocal

Indonesia has awarded a production sharing agreement to Eni and Unocal located offshore South Sulawesi. Under the 30-year production sharing contract Eni and Unocal plan to spend $35 million on exploration over the next six years. Eni and Unocal each have a 50 percent stake in the 1,807-kilometer square Muara Bakau block in Makassar Strait. Eni will act as operator of the block.