By OGJ editors
HOUSTON, Nov. 16 -- The Timor Sea Designated Authority awarded a production sharing contract on Block 06-102 in the Timor Sea to a group consisting of Malaysia's Petronas, Korea Gas, Samsung, and LG International.
Interests are Petronas operator with 50%, Korea Gas 30%, and Samsung and LG International 10% each.
TSDA, administrator of the Joint Petroleum Development Area between Timor Leste and Australia, said the 4,125 sq km block is 450 km northwest of Darwin and 250 km east of Timor Leste.
The work program is to shoot, process, and interpret 300 sq km of 3D seismic data, conduct geological and geophysical studies, and drill 3 exploration wells in the first 3 years of the block's exploration phase at a minimum outlay of $40.5 million.