Eric Watkins
Senior Correspondent
LOS ANGELES, Oct. 30 -- A consortium of Petronas, Korea Gas, Samsung, and LG International has received a production-sharing contract for exploration of Block 06-102 in the Joint Petroleum Development Area (JPDA) in the Timor Sea between East Timor and Australia.
Block 06-102 covers 4,125 sq km. It is 450 km from Darwin and about 250 km off East Timor. The Timor Sea Designated Authority let the contract.
The contractors have committed to acquire, process, and interpret 300 sq km of 3D seismic data, conduct geological and geophysical studies, and drill three exploration wells during the first 3 years of the exploration phase.
Petronas subsidiary PC (Timor Sea 06-102) Ltd. holds 50% of the block and is operator. Korea Gas has 30% and the other companies, 10% each.
Contact Eric Watkins at [email protected].
