U.K.-based oil firm EnQuest, and its joint venture partners, have been confirmed as the winning bidders for two Production Sharing Contract (PSC) blocks in Indonesia’s Papua Barat, including Gaea and Gaea II.
The blocks present a multi-Tscf unrisked resource potential for EnQuest and its joint venture partners.
Subject to the execution of the PSC, EnQuest will be designated as the PSC operator with a 40% working interest, working with its joint venture partners, the Tangguh joint venture with 40% working interest, and PT Agra Energi Indonesia, with 20% share.
The Tangguh joint venture is made up of BP Exploration Indonesia Limited, MI Berau B.V. (an INPEX and Mitsubishi joint venture company), CNOOC Southeast Asia Limited, ENEOS Xplora, Indonesia Natural Gas Resources Muturi and KG Wiriagar Petroleum (a Mitsui company).
The announcement marks EnQuest’s entry into Indonesia, a country that offers a broad range of growth opportunities that span the full upstream lifecycle.
“This step further expands EnQuest’s South East Asian footprint, adding to the Group’s growing momentum in the region, having recently secured an extension to its gas production in Malaysia and signing of an acquisition of Harbour Energy’s Vietnam business,” the company said.