Jakarta: Australian energy firm Santos is paying $188m to take a 50% stake in AWE's Indonesian Ande-Ande Lumut oil project.
Ande-Ande Lumut, in the Natuna Sea east of Malaysia, contains 101m barrels of proven and probable reserves with an extra 35m barrels of contingent resources.
First oil production was originally slated for 2015 although this appears to have been pushed back.
Indonesia retains the right to take a 10% in the oilfield once production starts at which point Santos and AWE’s stakes would drop to 45% each. [23/08/13]
