Indonesia
On the 23rd of February 2007 British Borneo Oil and Gas and PetroNad signed a joint Master Agreement.The purpose of this agreement is to co-operate within the respective areas of responsibility in the exploration, development and exploitation of potential oil and gas field throughout Nanggroe Aceh Darussalam.
As the provincial oil company of Aceh, PETRONAD has right of first refusal on all exploratory and development blocks and intends to use its joint operating agreement to target fields with proven reserves. Aceh accounts for nearly 15% of all Indonesian production.
The partnership is now in the process of carrying out an evaluation of existing blocks in order to determine priorities for development.
The co-operation may take the form of separate joint ventures companies to be established for each potential oil and gas field or of one joint venture company to work in all potential oil and gas fields or of direct appointment of BPP and Petronad.
