Lundin Enters Into New PSC in Indonesia

Lundin Petroleum has entered into a production sharing contract (PSC) amendment with energy regulator SKKMigas to substitute the existing Sareba Block acreage with new acreage named Cendrawasih VII (CVII), offshore north eastern Indonesia.

Under the amended agreement, Lundin Petroleum is awarded the new block acreage as a result of the existing block acreage being declared a protected nature conservation area.

The block contains the shallow water portion of the Mamberamo delta and an undeveloped gas discovery in Pliocene turbidite reservoirs. Lundin Petroleum expects to reprocess the 3D seismic survey prior to possible future drilling.

Lundin Petroleum operates a total of five blocks in Indonesia and holds a non-operated interest in an onshore gas producing block.

The company  holds a 100 percent interest in the CVII Block PSC through its subsidiary Lundin Sareba BV.