AziPac, Mitra Energy, Invest in Bone PSC, Offshore Indonesia

By George Backwell
Monday, June 09, 2014
File photo

AziPac Limited says it has signed a Farm-in Agreement with Mitra Energy Limited for a 40% interest in the Bone PSC, Offshore Indonesia.

The Bone PSC is situated in Bone Bay, offshore South Sulawesi, and lies in water depths extending from the coast to over 2,000m. The block covers an area of 7,516 km², which is equivalent to approximately 327 Gulf of Mexico blocks or 31 UK Central North Sea blocks.

Under the terms of the agreement, AziPac, through its wholly owned subsidiary Azimuth Indonesia Limited, will acquire a 40% participating interest in the Bone PSC.

Upon completion of the farm-out, the participating interests in the PSC will be as follows:
    *Bone PSC
    *Mitra Energy (Indonesia Bone) Ltd 60%
    *Azimuth Indonesia Limited         40%

David Sturt, Director of AziPac, commented: "We are very pleased to have joined Mitra in this exciting block. The Bone PSC area benefits both from a very prospective petroleum system, as well as an ideal geographical position within the regional markets. We look forward to progressing the exploration and development of this high potential asset."
 

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

U.S. DoI Upholds 2008 Shell Arctic Lease

The U.S. Interior Department on Tuesday upheld a 2008 lease sale in the Chukchi Sea off Alaska, moving Royal Dutch Shell a step closer to returning to oil and gas

All American Marine Delivers Ferry to Seattle

All American Marine, Inc. (AAM) today announced the delivery of a new passenger ferry that will serve the city of Seattle.    The vessel, MV Sally Fox, was dedicated

Baltic Sea Freight Index Up on Higher Capesize Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Tuesday, mostly on higher capesize rates.   The index,

Finance

Hermes Unit, Canadian Fund to Buy $2.4B Stake in UK Ports Group

The Canada Pension Plan Investment Board (CPPIB) and Hermes Infrastructure are prepared to buy a 30 percent stake in Associated British Ports for about 1.6 billion pounds ($2.

Baltic Sea Freight Index Up on Higher Capesize Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Tuesday, mostly on higher capesize rates.   The index,

Direct Le Havre to Charleston LCL Import Service

CaroTrans has announced the addition of an expedited Le Havre, France to Charleston LCL import service.    This is the only direct, weekly Le Havre to Charleston LCL service available in the market.

Energy

World's Largest Ship: Pioneering Spirit Awaits Completion

Final construction aboard the world’s largest vessel, Pioneering Spirit (formerly named Pieter Schelte), is wrapping up in the Port of Rotterdam before the vessel

U.S. Submits Formal Plan for Paris Climate Talks

The United States on Tuesday formally submitted its climate change strategy to the United Nations, outlining domestic measures it is taking to achieve up to a 28

India Halts Iran oil Imports Under U.S. Pressure

Oil imports from Iran at 220,000 bpd in year to March 31. U.S. pressured India not to raise annual Iran oil imports. India halted oil imports from Iran for the

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1991 sec (5 req/sec)