CanOxy enters Indonesia<\/p>\n
CALGARY (Reuter): Canadian Occidental Petroleum Ltd has signed
\na new production sharing contract in Indonesia, covering
\noperations on the 11,100 square km Manna Block.<\/p>\n
The block included onshore and offshore acreage in southwest
\nSumatra, adjacent to CanOxy's interest in the Merangin Block, the
\ncompany said Thursday.<\/p>\n
CanOxy said the block covers a lightly explored area of
\nSumatra which is close to producing basins in the south.
\nPreliminary mapping identified leads that were similar to
\nproducing fields in the South Sumatra basins, it said.<\/p>\n
Water depths over the offshore region are generally less than
\n100 metres, the company said.<\/p>\n
Under the agreement, CanOxy unit Canadian Petroleum Manna
\nholds a 100 percent working interest in the block, but Indonesia
\nstate oil company Pertamina retains an option to acquire up to a
\n10 percent stake if a commercial discovery is made, it said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/canoxy-enters-indonesia-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}