EnQuest, together with its joint venture partners and the Government of Indonesia, has signed Production Sharing Contracts (PSCs) for the Gaea and Gaea II exploration blocks, located in Papua Barat, Indonesia.
Under the PSC terms, EnQuest has a 40% participating interest in the blocks and is the PSC operator, alongside its partners, the Tangguh Joint Venture (40% participating interest, comprising BP Exploration Indonesia Limited, MI Berau - an INPEX and Mitsubishi joint venture company, CNOOC Southeast Asia, ENEOS Xplora, Indonesia Natural Gas Resources Muturi - an LNG Japan Corporation, and KG Wiriagar Petroleum - a Mitsui & Co firm), and PT Agra Energi Indonesia (20% participating interest), through their respective newly established entities.
The Gaea and Gaea II blocks present a multi-Tscf unrisked resource potential for EnQuest, estimated to be in excess of 100 Tscf by the Ministry of Energy and Mineral Resources and are located in proximity to the bp-operated Tangguh LNG facility.
The signing of these PSCs marks EnQuest’s entry into Indonesia. It also aligns EnQuest to work closely with the joint venture partners to realise the potential within the blocks.
“We are very proud to have been selected as the operating partner on the Gaea and Gaea II PSC blocks. This award is a testament to the trust the Indonesian government has placed in EnQuest, and we are committed to working with the Tangguh Joint Venture and PT Agra Energi Indonesia to unlock the full potential of these blocks,” said Amjad Bseisu, EnQuest Chief Executive Officer.
The PSCs’ prospectivity may add significant upside to EnQuest’s established South East Asia portfolio, a region from which the group expects to deliver more than 35,000 Boepd of production by 2030.