Indonesia signs 20-year production sharing contract for Corridor block

11/11/2019 14:12 Energy

news

Indonesia’s government signed on Monday a production sharing contract with units of ConocoPhillips, PT Pertamina and Repsol SA for the Corridor natural gas blocks, Energy and Mineral Resources Minister Arifin Tasrif told reporters.

The contract will extend by 20 years the current contract with the same companies that will expire in late 2023.

 

Under the new contract, the companies will have 53.5% of the gas produced from the block and 48.5% of the oil.

 

“The government considers the existing contractors to have the technical and financial capabilities (to operate Corridor),” Tasrif said and hopes production from Corridor would be expanded.

 

The Corridor block in Jan-Sept this year delivered 833 million standard cubic feet of gas per day (mmscfd), according to data from upstream oil and gas regulator SKK Migas.

 

The Corridor block, in south Sumatra, is one of Indonesia’s largest, representing 12% of national production.

Source: reuters.com

UK wind powers to new generation high

10/12/2019 09:11:00

The UK generated a record of over 16GW of electricity from wind power on 8 December, according to RenewableUK citing National Grid data.

<READ MORE

Daily (09.12.2019): Brent posts a 3.1% weekly gain following OPEC decision to reduce output target

09/12/2019 12:49:00

Crude oil prices soared on Friday as OPEC+ agreed in Vienna to extend output cuts by 500,000 barrels per day in early 2020. Consequently, Brent crude rallied by $1, or 1.6%, to settle at $64.39. It recorded a weekly hike of 3.1%. U.S. WTI crude rose by 77 cents, or 1.3%, to $59.20 per barrel. For the week, WTI jumped 7.3%, after a 4% rise reached on Wednesday after data indicated sharp declines in U.S. crude inventories.

READ MORE

Vestas books 137MW US tour

09/12/2019 09:06:00

Vestas has received a turbine order totalling 137MW from an unnamed client for an undisclosed wind farm in the US.

READ MORE