EnQuest plc has signed production sharing contracts, awarded in April, for the Gaea and Gaea II exploration blocks in Papua Barat (West Papua).
OPERATOR
The two blocks hold a “multi-trillion standard cubic feet unrisked resource potential”, estimated to be “in excess of 100 tscf by the Ministry of Energy and Mineral Resources.
Gaea and Gaea II are located near the bp-operated Tangguh liquefied natural gas facility.
Under the PSC, also signed by EnQuest’s joint venture partners and the Government of Indonesia, the company has a 40% participating interest and is operator.
EnQuest said that the two blocks could add “significant upside” to its current South East Asia portfolio which is expected to produce more than 35,000 barrels of oil equivalent per day by 2030.
Partners include the Tangguh joint venture (40% participating interest, comprising BP Exploration Indonesia Ltd, MI Berau B.V., which is an INPEX and Mitsubishi joint venture company, CNOOC Southeast Asia Ltd, ENEOS Xplora Inc, Indonesia Natural Gas Resources Muturi, Inc. (an LNG Japan Corporation) and KG Wiriagar Petroleum Ltd (a Mitsui & Co., Ltd) as well as PT Agra Energi Indonesia (20% participating interest).
“We are very proud to have been selected as the operating partner on the Gaea and Gaea II PSC blocks,” added EnQuest chief executive officer Amjad Bseisu.
“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.”