Ministry of Energy and Mineral Resources Signed 3 Gross Split Contracts Offering Results of Oil and Gas Working Area 2018

INDUSTRY.co.id - Jakarta - The Ministry of Energy and Resources and Mineral Resources re-signed a contract for the results of Gross Split results of the Working Area (WK) of Oil and Gas in 2018 which was held at the office of the Ministry of Energy and Mineral Resources Jakarta, today, Tuesday (17/7 / 2018).

Quoted from the official website of the Ministry of Energy and Mineral Resources, there is 4 winners, 3 WKs signed today, East Seram Block, East Ganal and Southeast Jambi, while another contract (WK Citarum) was signed on June 7, 2018.

With the signing of the three contracts, to date, the Government has signed PSC Gross Sponsorship contracts of 9 Working Areas (WK) consisting of 5 WK results from 2017 bid, namely Andaman I, Andaman II, Pekawai, West Yamdena and Merak- Lampung and 4 WK results of the tender in 2018.

During the last 3 months, the draft Contract has been completed and the Contractor has also completed the payment obligation of the Signature Bonus, the issuance of the Implementation Guarantee and the handling of legal documents related to the new entity to sign the PSC Gross Split.

The 3rd Wk details are the first East Ganal Work Area; BU / BUT Signing by Eni East Ganal Limited; G & G's Definite Commitment, 1 Exploration Well, Total: US $ 35,350,000; Signed Bonus of US $ 1,500,000. Second Working Area East Seram; BU / BUT Signing by Balam Energy Pte. Ltd; G & G Defined Commitment, 2D 500 km Seismic, Total: US $ 900,000; Bonus Signature US $ 500,000.

Then the last is the Working Area of ​​Southeast Jambi; BU / BUT Signed by Repsol Exploracion Consortium South East Jambi B.V. and MOECO Southeast Jambi B.V .; G & G Defined Commitment, 2D 300 km Seismic, Total: US $ 4,650,000; Bonus Signature US $ 500,000. The total value of the entire Definite Commitment is US $ 40.9 million, while the total value of all signature bonuses to the three contracts is US $ 2,500,000.