Pertamina, Medco E&P Secure Contract Extension for Senoro-Toili Block

By Editorial Team 20/06/2022
Oil rig
Summary

Pertamina Hulu Energi Tomori-Sulawesi (PHE TS) and Medco E&P Tomori Sulawesi received a contract extension as operators of the Senoro-Toili Working Area by signing an extension contract in early June. The Senoro Toili Block contract will expire on December 3, 2027, and be extended until 2047. No participating interest (PI) portion of the Senoro-Toili Block has changed after termination; PHE TS still has 50 percent PI, Medco E&P Tomori Sulawesi has 30 percent, and Tomori E&P Limited owns 20 percent.

PHE TS Director Awang Blueuardi said the working area extension is in line with Pertamina's Long Term Plan. The oil and gas block is one of the priorities to immediately get a contract extension certainty because it still has excellent development potential. "Pertamina is also committed to continuing strategic partnerships with existing partners to maximize synergy and alignment in the management and long-term investment in the Senoro-Toili working area," Awang said on Friday.

Medco E&P Indonesia President Director Ronald Gunawan expressed his support for the sustainability of the Senoro-Toili working area management. "The company continues to be committed to meeting the production targets set by the government," he said Friday.

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