By Febry Silaban
ConocoPhillips transferred on Wednesday the assets in South Jambi B block to Jindi South Jambi Co. Ltd., which has become the block’s new operator.
“This morning (Wednesday) there’s (a ceremony for the) transfer of assets in South Jambi B block. The former assets of ConocoPhillips now belong to Jindi,” said Deputy for Business Support at upstream oil and gas authority SKK Migas, Sulistya Hastuti Wahyu to Petromindo.com.
ConocoPhillips, former operator of the block, and its partners PT Pertamina and PetroChina, had decided not to extend the South Jambi B block contract which expired in January 2020. The government then appointed China’s upstream company Hong Kong Jindi, through its subsidiary Jindi South Jambi Co Ltd, as the new operator of the block following tender process.
Read also : ConocoPhillips completes Suban Compression project
This portal reported previously that ConocoPhillips had not carried out activities in South Jambi B since 2011. Production status at the block has been idle since 2012.
A Jindi official told Petromindo.com earlier that the block was now targeted to be on-stream in 2022.
Under a new gross split production sharing contract for the South Jambi B block signed by Jindi, the company made a five-year fixed investment commitment of $60 million to be spent on G&G study, 300-km 2D seismic, 400-km2 3D seismic, and drilling of three exploration wells.
Editing by Reiner Simanjuntak
