Uchenna Izundu
International Editor
LONDON, Mar. 6 -- Indonesia has awarded a production-sharing contract to Statoil ASA and state-owned Pertamina for the deepwater Karama Block in the Makassar Strait (OGJ Online, Mar. 2, 2007).
Statoil is operator with a 51% interest. Pertamina holds the rest. The companies paid a $5 million signature bonus.
During the first 3 years the companies will shoot 1,900 sq km of 3D seismic survey and drill three exploration wells in virgin acreage. The Karama block covers 4,286 sq km in 800-2,200 m of water.
The PSC on the Karama block is the companies' first joint project under a memorandum of understanding signed in September 2006 on cooperation.
The block is next to and south of the Kuma block, off western Sulawesi. Statoil has a 40% share in Kuma, which was awarded in mid-January.
Contact Uchenna Izundu at [email protected].
