Pertamina reported that it has signed an agreement with Repsol to acquire a participating interest (PI) in the Southeast Jambi block on 26 February 2020. The signing ceremony for the agreement, which involved a 27% PI, was carried out in Central Jakarta by Pertamina Hulu Energi (PHE) Southeast Jambi and Repsol Exploracion Southeast Jambi BV. Repsol will remain as operator of the block with 40% interest, while MOECO holds the remaining 33% PI.  The Southeast Jambi block covers an area of 1,121 sq km. The block was offered as part of the Conventional Oil and Gas Bidding First Round 2018 and was eventually awarded to Repsol and MOECO in May 2018, under the gross split scheme contract. Signature bonus for this block was set at USD 500,000. Minimum commitments required for the block are three G&G studies and 300 km of 2D seismic survey, with a total investment value of USD 4.65 million.  The operator is planning to acquire a 300 km 2D seismic survey in the block in 2H 2020, as part of the work commitment. In December 2019, an airborne gravity-magnetic survey was completed in the block. The survey was acquired by CGG over a period of approximately 20 days, for the purpose of identifying potential locations for the seismic survey.  Background Information  On 19 February 2018, the Government of Indonesia via the Ministry of Energy and Mineral Resources (MEMR) offered the Southeast Jambi block under the Conventional Oil and Gas Bidding First Round 2018, via the Direct Offer mechanism. Access to bid documents was scheduled from 19 February 2018 to 27 March 2018, with the clarification forum between 22 February 2018 and 29 March 2018. Bid submission for Direct Offer blocks was due by 4 April 2018. The block is subject to the Gross Split PSC term which has a government/contractor base split of 57%/43% for oil and 52%/48% for gas. The base split can be further modified by variable components and progressive components depending on the specific status of the block.
Pertamina (-> 60%) has signed to acquire a 27% stake from optr Repsol (->40% op.) in the Southeast Jambi block, (1121kmÂ²)