By OGJ editors
HOUSTON, July 27 -- Anadarko Petroleum Corp. and Medco Energi International, Indonesia's largest independent exploration and production company, have formed a joint venture through which Anadarko can greatly increase its exploration acreage in Indonesia.
Under the JV agreement, Anadarko subsidiaries gained access to 13 production sharing contracts (PSCs) covering 7.8 million acres onshore and off Sumatra, Kalimantan, Sulawesi, Java, and Papua.
Anadarko will fund a 3-year, $80 million exploration work program and earn up to 40% interest in each PSC where a successful exploration well is drilled at Anadarko's cost and a plan of development is approved.
In December 2004, the Indonesian government awarded Anadarko the exploration and production rights to the North East Madura III Block, where the company is preparing to drill two wells.
