Petronas, Oilex groups to search for oil, gas in Timor Sea

Subject: Petronas, Oilex groups to search for oil, gas in Timor Sea

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Austro-Indian group bags exploration block in Timor Sea

August 17 2006

SYDNEY: Malaysia's Petroliam Nasional Bhd (Petronas), and Australia's Oilex NL led groups that won permits to explore for oil and gas in Timor Sea waters jointly administered by East Timor and Australia.

Petronas' group includes Korea Gas Corp, Samsung Corp and LG International Corp, while Oilex's group comprises Bharat Petroleum Corp, Videocon Industries Ltd and Gujarat State Petroleum Corp, the Timor Sea Designated Authority, which overseas exploration in the area, said yesterday in an e-mailed statement.

Minza Oil Ltd and Zetex NV also won permits.

The authority received eight bids for the four permits on offer in its inaugural release of exploration acreage in the area, which lies to the north of Australia and south of East Timor. Santos Ltd and Duddell Resources Ltd failed to win permits.

Contracts for the new permits are due to be signed by September 30.

The companies' "commitment to a robust exploration work programme will mark another era in the exploration of the Joint Petroleum Development Area, one which we hope will bring with it further oil and gas discoveries," Jose Lobato, executive director of the Timor Sea Designated Authority, said in the statement.

The Petronas group is committed to drilling three exploration wells in its permit within the first three years, and two further wells in subsequent years.

The Oilex group agreed to drill four wells in its permit in the first three years, plus two wells later, according to the bids received. - Bloomberg

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Austro-Indian group bags exploration block in Timor Sea

By Indo Asian News Service

New Delhi, Aug 17 (IANS) Australia's Oilex NL-led consortium, including Videocon Industries Ltd as well as the state-owned Bharat Petroleum Corp (BPCL) and Gujarat State Petroleum Corp (GSPC), has been awarded oil exploration block 103 in Timor Sea.

The waters are jointly administered by East Timor and Australia.

'The Timor Sea Designated Authority has announced the award of Block 103 located in the northern part of the Joint Petroleum Development Area to a group of four companies led by Oilex, subject to signing a production sharing contract,' an Oilex statement said Thursday.

Contracts for the new permits are to be signed by Sep 30.

All the consortium partners will hold 25 percent stake each in the exploration block located east of the Laminaria, Corallina, Kakatua, Kuda Tasi and Elang discovered oil and gas fields and north of the Bayu-Undan gas condensate field.

'This award completes another element of the company's stated strategy of acquiring high quality exploration acreage in countries around the Indian Ocean rim in joint venture with its Indian alliance members,' B.H. McCarthy, managing director of Oilex, said.

The Timor Sea Designated Authority had received eight bids for the four permits on offer in its inaugural release of exploration acreage in the area, which lies to the north of Australia and south of East Timor.

Malaysia's Petroliam Nasional Bhd (Petronas) led consortium, comprising Korea Gas Corporation, Samsung Corporation and LG International Corporation, has won one permit while the other successful bidders are Minza Oil Ltd and Zetex NV.

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