New Zealand Oil & Gas, through its subsidiary NZOG Asia, owns 22.5% stake in the joint venture, while Pacific Oil & Gas and Bukit Energy’s subsidiary Pacific Oil & Gas (Sumatera) have 55% and 22.5%each.
In 2013, two wells were drilled in the Parit Minyak prospect.
The partners submitted the field development plan to the government in early 2014.
The production sharing contract, which has been extended until 2031, will allow the companies to drill seven wells at Parit Minyak as part of the initial development phase.
Prior to making a final investment decision later this year, the partners intend to design an implementation plan for the project.
