Chevron relinquishes Block B stake
Indonesia All told, Block B holds 16 gasfields and three oilfields. While all of the oilfields are in production, some of the gasfields are awaiting development. In 2016, average production at the asset yielded around 6,000 bpd of LPG, 20,000 bopd and 5.78 mcm (197 mcf) of natural gas.
While the monetary value of the transaction remains confidential, the transfer of ownership will make the Block B asset wholly owned by Indonesia operators. Medco Energi serves as the block’s operator and holds the remaining 75% stake.
Bumi Hasta Mukti is a mystery to those unfamiliar with the Indonesian hydrocarbons market. However, local operators report that the company has been active in Indonesia’s oil and gas industry for more than 10 years.
Recent Posts
Arrow Exploration spuds new well in Colombia
Arrow Exploration has spud a new production well on the Tapir block in Colombia’s Llanos Basin, the company announced on… Read More
Petronas makes discovery off Suriname
Petronas has made a third oil and gas discovery in Suriname's offshore Block 52, the Malaysian company announced on Wednesday Read More
Japan’s JERA slates $32 billion for LNG, renewables, new fuels
Japanese power generation player JERA on Thursday announced plans to invest USD 32 billion in LNG, renewables and new fuels… Read More
Chevron planning UK North Sea exit
Chevron is planning to exit its North Sea operations after 55 years of activity in the oil hotspot, Reuters reported… Read More
Seatrium wins yet more FPSO work in Guyana
Seatrium has been awarded a contract by SBM Offshore for the topsides fabrication and integration of an additional FPSO vessel… Read More
Diamond Offshore seals $350-million Gulf of Mexico deal
Diamond Offshore has secured a USD 350-million extension for an ultra-deepwater drillship deployed for Anadarko Petroleum in the US Gulf… Read More