Canada’s Criterium Energy has acquired a 42.5% interest in the Bulu production sharing contract (PSC) holding the Lengo gas field offshore Indonesia for $1.6 million. Significantly, the company is seeking more complimentary assets in Southeast Asia.
BP (LON:BP) will carry out deepwater oil and gas exploration offshore Indonesia after winning the rights to the Agung I and Agung II blocks as part of the nation’s second bid round last year. The move offers a glimmer of hope for Indonesia’s struggling upstream sector that has seen big international firms, such as ConocoPhillips, exit recently.
KrisEnergy said it has commenced drilling of the Mustika-1 exploration well in the Sakti production sharing contract in the East Java Sea.
The company said drilling is expected to take around 20 days to complete.
The Mustika-1 well is targeting the Kujung I formation and is planned to reach a total measures depth of 3,100feet.