22 May, 2015

MNK Kisaran

A consortium led by Pacific Oil & Gas (MNK Kisaran) Limited signed the MNK Kisaran Production Sharing Contract (PSC) at the 39th Indonesian Petroleum Association Convention and Exhibition (IPA CONVEX) 2015 in Jakarta Convention Center (JCC) today.

The consortium is made up of:

  • Pacific Oil & Gas (MNK Kisaran) Limited with 55 percent
  • Bukit Energy Resources Barumun Pte. Ltd. with 33.75 percent
  • New Zealand Oil & Gas MNK Kisaran PTY Limited with 11.25 percent

The MNK Kisaran PSC was one of the unconventional oil and gas blocks awarded during the signing ceremony. The total investment value brought in by the signing of eight conventional blocks and four unconventional work areas at IPA Convex, one of the most significant oil and gas event in South East Asia, amount to USD155 million. An additional USD13 million was received directly from contractors as part of the signature bonus.

The 2.180 km2 MNK Kisaran block is located in North Sumatra & Riau, in the same area as the conventional Kisaran block which the consortium partners had successfully drilled for oil and gas in 2013. Plan of Development I (POD I) approval for PO&G’s conventional Kisaran PSC was received on 13 May 2015 from the Ministry of Energy and Mineral Resources (ESDM), as referred in approval letter from Special Task Force for Upstream Oil and Gas Special Business Activities (SKK Migas).