Corridor’s Gross Split Contract Signed Today
MINISTRY OF ENERGY AND MINERAL RESOURCES
REPUBLIC OF INDONESIA
Date: 11 November 2019
Corridor's Gross Split Contract Signed Today
At the office of Ministry of Energy and Mineral Resources (EMR), Monday (11/11), Minister of EMR Arifin Tasrif witnesses the signing of Gross Split PSC of Corridor Block which is located in Musi Banyuasin Regency, South Sumatra.
Corridor's PSC is an extension contract between Participation Interest holders ConocoPhillips (Grissik) Ltd. 46%, PT Pertamina Hulu Energi Corridor 30%, Talisman (Corridor) Ltd. 24% and ConocoPhillips (Grissik) Ltd. as the operator.
The PSC applies for 20 years, effective from 20 December 2023. The investment is estimated at USD 250,000,000 from the first 5-year Firm Exploration Commitment and USD 250,000,000 from Signature Bonus. The Participation Interest owned by the Contractors include the 10% Participation Interest to be offered to Regional Government-Owned Business Entities according to Regulation of Minister of EMR No. 37 of 2016.
The Government requests that Contractors continuously put their best efforts to maintain and increase the production rate of Corridor Block, carry out the commitments set out in the Contract including those of the first 5-year Firm Exploration Commitment, and increase exploration activities to add oil and gas reserve. The operator of Corridor for the first 3 years is ConocoPhillips, while the operator for the remaining period is PT Pertamina (Persero).
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