PT Bumi Pratiwi Hulu Energi (Prima Energi), an Indonesian-based upstream oil company, has acquired full ownership of the Northwest Natuna Production Sharing Contract (PSC) via its purchase of AWE (AAL) NZ, AWE Northwest Natuna and AWE Holdings Singapore.
The acquisition represents a significant milestone for Prima Energi as it expands its presence in the energy sector.
The Northwest Natuna PSC contains the Ande Ande Lumut (AAL) oilfield which has been independently assessed to recover approximately 80 MMboe of crude oil. AAL is one of the largest undeveloped oil discoveries in Indonesia, approved for development by Migas in 2011.
In May, Prima Energi officially signed a New Sales and Purchase Agreement (SPA) for the AAL Oilfield company. The contract covers well drilling, existing field development, infrastructure upgrades, and production operations optimization.
AAL is said to hold immense potential to contribute to production targets set by the Indonesian Government for 2030.
Prima Energi plans to develop AAL with the objective of achieving oil production by 2026. Development at AAL will be staged to facilitate the selection of the most efficient drilling, completion, and production techniques, as well as the best separation of oil and water.