Units of Union Texas Petroleum Holdings Inc. and partners have signed three production sharing contracts in far eastern Indonesia with state owned Pertamina. Union Texas, as operator for the joint venture, will explore offshore on the Rebi block and onshore and offshore the islands of Tanimbar and Kai. The three contracts cover about 17.4 million acres in the Moluccan Island group in the Banda Sea. The contracts call for as much as a 10 year exploration program.
Units of Union Texas Petroleum Holdings Inc. and partners have signed three production sharing contracts in far eastern Indonesia with state owned Pertamina.
Union Texas, as operator for the joint venture, will explore offshore on the Rebi block and onshore and offshore the islands of Tanimbar and Kai. The three contracts cover about 17.4 million acres in the Moluccan Island group in the Banda Sea.
The contracts call for as much as a 10 year exploration program.
During the first 3 years, the joint venture expects to spend about $15.4 million gross on exploration, including seismic surveys in 1991-92.
Union Texas partners are Unocal Corp. and Total Cie. Francaise des Petroles. Each company holds a one-third interest.
Copyright 1991 Oil & Gas Journal. All Rights Reserved.
