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New Contract for Lematang Block Signed

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28 June 2016 20:46 WIB

TEMPO.CO, Jakarta - The government has approved the extension of the Lematang Block operation in South Sumatera requested by PT Medco E&P until 2027. Medco and the Upstream Oil and Gas Regulatory Special Task Force (SKK Migas) have signed the production sharing contract in Jakarta on Tuesday, June 28, 2016.

"Medco appreciates the trust and the opportunity given by the government to continue the contract," Medco Energy International CEO Roberto Loreato said in a press release on Tuesday, June 28, 2016.

Medco expressed its investment commitment in form of US$1.5 million worth of 2D seismic survey, US$50,000 worth of geology and geophysics study, and US$1 million worth of production facility for the next three years. The government acquired a signing bonus of US$1 million.

I Gusti Nyoman Wiratmaja, director of oil and gas at the Energy and Mineral Resources Ministry called on Medco to fulfill its promise to find new reserves in Lematang gas field, since the trend of new oil and gas field discovery has continued to drop.

Medco was also encouraged to offer participation stake to the regional government as soon as the technical regulation on the participating interest is in effect.

Medco currently owns 51 percent of stake in the Lematang Block after acquiring Lundin Indonesia Holding B.V. assets. Medco has also acquired 60 percent of participation rights in the South Sokang block.

Medco has also acquired 100 percent of joint study agreement rights in the Cendrawasih VIII block owned by Lundin. The transaction was signed by both parties in October 2015.

Currently, the Lematang Block produces 68 million mmscfd of gas for state power company PT PLN. The gas reserves stand at only 70 billion BCF. Despite of its small size, Wiratmaja asserted that Medco must offer 10 percent of participation stakes to the regional government.

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