Statoil will acquire a 40% equity interest in a North Makassar Strait Production Sharing Contract (PSC) and a similar interest in two additional offshore PSCs (West Papua IV and Halmahera-Kofiau).
The three production sharing contracts (PSC) will be operated by Niko Resources Ltd.
PĂ„l Haremo, senior vice president for Exploration
Given exploration success, Statoil has the option to become the operator in the development and production phases.
âThis is an early access opportunity that adds significant additional acreage to our portfolioâ says PĂ„l Haremo, senior vice president for Exploration.
âOur focus is to support Statoilâs exploration strategy, by adding materiality to our existing portfolio in Indonesia and increasing Statoilâs acreage position in general,â he adds.
The agreement signed includes one exploration well commitment for the North Makassar Strait PSC.
The agreement is effective from 1 January 2011, and is subject to governmental approval in Indonesia.
Statoil is already an operator in the Karama offshore PSC in Indonesia and partner in the neighbouring Kuma PSC in the Makassar Straits.
Exploration drilling is planned for both these licenses in 2011.