Breaking News
Home » Oil and Gas » Upstream » Mubadala, Premier Oil sign PSC contracts for Andaman I, Andaman II blocks

Mubadala, Premier Oil sign PSC contracts for Andaman I, Andaman II blocks

Adaman I and Adaman II WK PSC Contract signing (Photo credit: EMR Ministry)

JAKARTA (RambuEnergy.com) – Mubadala Petroleum (Adaman 1) RSC Ltd, the operator of Adaman I oil and gas block and Premier Oil Adaman Ltd-led consortium have on Thursday (05/04) signed production sharing contracts (PSC) based on gross split scheme to develop Adaman I and Adaman II oil and gas blocks.

Two blocks, the first gross-split-based PSC for new working areas, are located in Andaman Sea to the north of Aceh. The PSC contracts will last for 30 years, including six years of exploration.

The Energy and Mineral Resources Ministry (ESDM) said in a statement that the PSC contractor for Andaman I  and Andaman II are committed to invest US$9.7 million for exploration activities – such as G&G, 3D seismic data acquisitions.

Executives of Mubadala and Premier Oil-led Consortium stand for photo session after signing the PSC contract (Photo: EMR Ministry)

The two block developers pay a signature bonus of US$750,000 and US$1 million respectively to the government.

2018 Block Auctions

The energy ministry is also in the process of auctioning 26 oil and gas working areas for 2018 based on gross split scheme. Of these 24 are traditional and gas  WKs and 2 are non-conventional WKs. Of the 26 WKs, 8 of them were offered through direct offer scheme (6 conventional WKs and 2 non-conventional WKs) and are in the process of document evaluation.

The remaining 18 conventional WKs are offered through a regular auction method. The potential bidders are scheduled to return the bid documents by June 7, 2018. (*)

 

Check Also

SKK Migas: 12 Projects to be onstream in 2020

JAKARTA (RambuEnergy.com) - The upstream oil and gas authority SKK Migas to come onstream in ...

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.