| Govt. to extend Aceh gas contract for Medco |
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| KBRI Tehran - Thursday, 28 May 2009 | |
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The government indicated on Wednesday that it will extend a gas exploration contract with Medco E&P for Block A in Aceh, Tempo Interaktif reported.
“The extension will definitely be given. The remaining issues are terms and conditions,” Upstream Oil and Gas Regulatory Body BP Migas head Raden Priyono said on Wednesday. Medco has proposed to extend its contract in Aceh which will expire in 2011. Medco took over a 50% stake in the project in 2007 from ConocoPhillips. Medco president director Budi Basuki said its partner in the project, Premier Oil Sumatra, a subsidiary of Premier Oil (UK), which controls the remaining 50% of the Block A Production Sharing Contract, has agreed to the extension. Under the current contract, the government receives 65% of gas and oil production while Medco retains 35% of production. |
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| KBRI Tehran - Last Updated ( Sunday, 01 November 2009 ) |
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