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Indonesian independent MedcoEnergi has secured a 25-year extension to its service contract with state-led Petroleum Development Oman (PDO) for the 17,500 b/d Karim Small Fields.
Medco first signed a service contract in 2006 for the cluster of 18 fields in the southeast that PDO handed off to enable it to devote more attention to its portfolio of larger fields, which at the time accounted for more than 80% of Omani oil output (MEES, 27 March 2006).
The extension, described by both sides as “very significant,” comes on the back of more than 12 months of negotiations (MEES, 7 March 2014), and will kick in at the conclusion of the original agreement next year. (CONTINUED - 431 WORDS)