BP awarded exploration block in Indonesia

The Jakarta Post, The Associated Press, London | Fri, 11/26/2010 7:28 PM

BP PLC says it has been awarded an oil and as exploration block in Indonesia and plans to commence seismic operations in the "near future."

The London-based company said Friday that it has received a 100 percent interest in the North Arafura oil and gas production sharing contract in onshore Papua Province.

The block is located on the coast of the Arafura Sea, 480 kilometers (300 miles) southeast of the BP-operated Tangguh plant, covering an area of just over 5,000 square kilometers (1,900 square miles).

BP has over 35 years experience in Indonesia, including its Tangguh LNG operations in Papua Barat province, and is one of the largest foreign investors in the country.

BP shares are down 1.5 percent at 430.75 pence ($6.76) on a lower overall London Stock Exchange.