Head of BP Migas mentioned that the government through Ministry of Energy and Natural Resources has approved the PSC (Production Sharing Contract) extension for 3 MEDC’s asset, namely Block A, Block South Sumatera Extension (SSE) and Block Bawean. Note that PSC for both Block A and Bawean blocks will end in 2011 while SSE block in 2013.
Aside from that, BP Migas has also allocated the domestic portion on gas from Donggi-Senoro block (28% from total) to PLN (as much as 60bbtud) and Panca Amara (as much as 55bbtud). We view that such news will bring positive sentiment to MEDC as this will give more conviction on the sustainability of company’s future key projects.
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