EnQuest forays into Indonesia with new PSC blocks in Papua Barat [Yahoo! Finance]
BP p.l.c. (BP)
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Source: Yahoo! Finance
The company received confirmation from the Ministry of Energy and Minerals of Indonesia for the two blocks, named Gaea and Gaea II. The blocks hold a multi-trillion cubic feet unrisked resource potential, positioning EnQuest and its JV partners for significant growth in the region. Upon execution of the PSC, EnQuest will operate with a 40% working interest. Its partners in the venture include the Tangguh JV, with a similar stake, and PT Agra Energi Indonesia, holding a 20% interest. The Tangguh JV comprises notable industry players such as BP Exploration Indonesia, CNOOC Southeast Asia, ENEOS Xplora, Indonesia Natural Gas Resources Muturi, MI Berau and KG Wiriagar Petroleum (a Mitsui company). This development marks EnQuest's inaugural venture into the Indonesian market, a strategic move that aligns with the company's broader expansion goals in South East Asia. EnQuest recently strengthened its regional portfolio by extending its gas production operations in Malaysia and in
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