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Japan's Moeco acquires 20% stake in Indonesia's onshore South Sakakemang block

Tokyo — Japan's Mitsui Oil Exploration Co. said Tuesday it has acquired a 20% stake in Indonesia's onshore South Sakakemang block,in a joint bid with Spain's Repsol. This marks Moeco's third acquisition of interests in exploration blocks in southern Sumatra.

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Under a production sharing contract signed on Monday with SKK Migas, Moeco South Sakakemang B.V. holds the 20% stake in the South Sakakemang block, and Repsol Exploration South Sakakemang S.L. holds the balance with operatorship.

Moeco's latest moves follows its announcement of an acquisition of 10% stake in the onshore Sakakemang block in August 2018.

Under the previous agreement, Moeco acquired the 10% stake from Talisman Sakakemang B.V., a Repsol group company, which had previously owned 100% of the Sakakemang block, upon securing the Indonesian government's approval.

Moeco was also awarded a 33% stake in the Southeast Jambi block onshore Indonesia in July last year, when it signed a production sharing contract with Repsol and Indonesian regulator SKK Migas to conduct surveys during the first three-year exploration period.

-- Takeo Kumagai, takeo.kumagai@spglobal.com

-- Edited by Elizabeth Thang, newsdesk@spglobal.com