New Zealand Oil & Gas has expanded its presence in Indonesia, winning a bid to explore a block in northern Sumatra.
The energy explorer is diversifying its efforts to find oil and gas outside New Zealand, identifying Tunisia and Indonesia as potentially lucrative areas.
It has a 22.5% stake in the Kisaran permit in central Sumatra where one well is planned to be drilled later this year.
It has now taken a 45% stake in the Bohorok block surrounding the city of Medan in northern Sumatra.
The joint venture will spend about $US4 million in a three-year work programme of which New Zealand Oil and Gas's share is half.
