A combine of Chevron Corp. and Texaco Inc. affiliates has signed a production sharing contract with Indonesia's state owned Pertamina for oil and gas exploration on and off Timor Island.
No exploration plans were disclosed.
The contract covers a 4,566,778 acre block in the East Nusa Tenggara area of the Southeast Indonesian island and in the Timor Sea.
Amoseas Indonesia Inc. will act as operator on the block for Chevron International Soe Ltd. and Texaco Exploration Soe Inc.
The Chevron and Texaco affiliates each hold a 50% interest in the block.
Chevron and Texaco subsidiaries also are participating in two other frontier blocks in eastern Indonesia, the Manui block off eastern Sulawesi, awarded in 1987, and the Misool block off Irian Jaya, awarded in 1989.
The third contract brings Amoseas Indonesia's acreage position in frontier areas to 13.363 million acres.
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