MontD'or Obtains 20 Years Contract Extension for Tungkal Block

MontD'Or Oil Tungkal Ltd (MOTL) has obtained an extension for the Tungkal Block management cooperation contract for 20 years, effective from August 26, 2022. However, the cooperation contract extension for the Jambi oil and gas working area uses a gross split scheme instead of cost recovery, which has been applied in the last 30 years.

Anggono Mahendrawan, Head of Southern Sumatra Representative for Upstream Oil and Gas Business Regulatory Task Force (SKK Migas), hopes that MOTL can make a better contribution to the achievement of national oil and gas lifting and production in line with the Tungkal Block contract extension for 20 years. "Now, the milestone in Tungkal Block's management for the next 20 years has been extended. Hopefully, MOTL can keep innovating to maintain national oil production stability," Anggono said on Friday.

MOTL General Manager Ester Ksatrianto said the company would strive to ensure the agreed work commitments to meet the national oil and gas production target. "We would like to thank all parties who have helped us a lot and contributed to paving out operational activities from the initial exploration process to the lifting achievement," Ester said.