Malaysia's Bumi Armada on Wednesday said it has signed a deal with a subsidiary of Indonesian energy company Pertamina and natural gas trading company PT Davenergy Mulia Perkasa for development and commercialization of liquefied natural gas (LNG).
Under the deal, the companies will record key principles to develop and commercialize LNG from the Madura Gas Field and its surrounding fields in Indonesia.
Bumi and Pertamina will design, construct, install, and operate a floating natural gas liquefaction and storage facility, together with an LNG carrier to transport LNG to consumers who are not close to clean energy sources, the Malaysian oil services company said in a statement.
Preliminary discussions have been initiated with potential off-taker clients and the first shipment of LNG is expected three years after making final investment decision, it added.
(Reuters - Reporting by Echha Jain in Bengaluru; Editing by Varun H K)