Indonesia's Medco Energi plans exploration drilling in South Senoro this year
TANGERANG, Indonesia, May 14 (Reuters) - Indonesian oil and gas company Medco Energi Internasional plans to start exploration drilling in the South Senoro field this year, after the company secured a 20-year contract extension for its Senoro-Toili working area, a company official said.
The production sharing contract for the Senoro-Toili block, one of Indonesia's main natural gas producing blocks, has been extended to 2047. Most of the gas produced from the block is processed into liquefied natural gas (LNG) to be exported.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
"We are conducting a study for the second phase ... clearly the reserves are still abundant for the project to be developed further," company official Ridho Wahyudi told reporters on the sidelines of the Indonesia Petroleum Association annual conference on Tuesday.
Exploration drilling at the South Senoro field is expected to conclude in the third quarter of 2025.
Meanwhile, the company is looking for new oil and gas assets to buy, he said.
"We are seeking assets that are currently in production with high margin, assets that we are familiar with, and (with) manageable risks," Ridho said, without elaborating on specifics.
In 2023, Medco acquired 20% participating interests in Block 48 and Block 60 in Oman.
(Reporting by Bernadette ChristinaEditing by Mark Potter)