Gulf Oil and Gas accountACCOUNT

Harvest Natural Resources Acquires Share of Indonesian Exploration Block

Source: www.gulfoilandgas.com 1/2/2008, Location: Asia

Harvest Natural Resources announced it has acquired a 47 percent interest in the 1.35 million acre Budong-Budong Production Sharing Contract (PSC) located onshore West Sulawesi, Indonesia, from Tately Budong-Budong N.V. (Tately).

The acquisition is subject to approval by the Indonesian government authorities, including BPMigas, Indonesia's oil and gas regulatory authority. During the first three-year exploration phase of the PSC beginning January 2007, Harvest and Tately expect to acquire, process and interpret approximately 500 kilometers of 2D seismic and drill two exploration wells. The expected cost of this program is $22 million of which Harvest will fund the first $17.2 million plus it's pro rata share of subsequent costs. Tately will operate through the exploration phase of the PSC. Harvest has the option to assume operatorship upon approval of a plan of development for any commercial discovery, subject to BPMigas approval.

Harvest President and Chief Executive Officer, James A. Edmiston, said: "Budong-Budong provides Harvest with exposure to significant resource potential in a basin with a demonstrated active petroleum system and abundant oil and gas seeps. Recently completed multi-client seismic surveys by a number of global integrated companies have improved the understanding of the geology and enhanced the prospectivity of the West Sulawesi foldbelt and by analogy, the sparsely explored onshore area of the foldbelt."

Edmiston continued, "The high-impact exploration opportunities in the Budong-Budong PSC in Indonesia and our recent entry into offshore Gabon through the agreement to acquire a 50-percent operated interest in the Dussafu Marin PSC are ideal complements to our lower-risk Venezuelan development opportunities. The growth opportunities in both the Budong-Budong and the Dussafu PSCs are consistent with our strategy to develop a more diverse asset portfolio with a focus on highly-proven hydrocarbon provinces."

The Budong-Budong PSC contains Indonesian frontier terms with a net after-tax production sharing split of 35 percent contractor and 65 percent Indonesian government for oil and 40 percent contractor and 60 percent Indonesian government for natural gas. The effective date of the PSC is January 2007. The PSC has a 30-year term with an initial six-year exploration phase with an option for a four-year exploration extension.

Exploration News in Indonesia >>

United Kingdom >>  11/15/2019 - DNO ASA, the Norwegian oil and gas operator, announced that its wholly owned subsidiary, DNO North Sea plc, formerly Faroe Petroleum plc, has increase...
Russia >>  11/13/2019 - RN-Uvatneftegaz, a subsidiary of Rosneft Oil Company, has discovered a new oil field, Sosnovoye, with total C1+C2 reserves of 4.2 million tonnes. An i...

Norway >>  11/12/2019 - ConocoPhillips Scandinavia, operator of production licence PL 782 S, has concluded the drilling of wildcat well 25/7-7. The well was drilled about 15 ...
United Kingdom >>  11/12/2019 - On 10 July 2019 the Oil and Gas Authority (OGA) launched the 32nd Offshore Licensing Round. After being open for 120 days, the round closed today (12 ...

Iran >>  11/10/2019 - Iranian President Hassan Rouhani announced the discovery of a new oilfield in the south-western province of Khuzestan. ...
China >>  11/8/2019 - Further to the announcement of 28 October 2019, Horizon Oil advises that the WZ 6-12 M1 exploration well, Beibu Gulf, People’s Republic of China, has ...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Indonesia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

More News

Related Links

AZ BD BN CN GE HK ID IN IR JP KH KR KZ MM MN MY PG PH PK RU SG TH TJ TM TW UA UZ VN
Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.