NZ Oil and Gas takes 36 percent stake in Indonesia explorer

Sun, 22 Dec 2013

Dec. 23 (BusinessDesk) – New Zealand Oil & Gas, the nation’s largest oil explorer, has taken a 36 percent stake in a consortium to explore onshore south Sumatra, Indonesia. The consortium won a permit to explore the Palmerah Baru 1,000 square kilometre block, the Wellington-based company said in a statement. The venture plans to undertake three years of exploration including 2D and 3D seismic acquisition and one exploration well, it said. “The Palmerah Baru block is surrounded by oil and gas fields,” chief executive Andrew Knight said. “Thes...

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