EnQuest forays into Indonesia with new PSC blocks in Papua Barat
EnQuest and its joint venture (JV) partners have won two production sharing contract (PSC) blocks in Papua Barat, Indonesia.
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 initiating the acquisition of Harbour Energy's Vietnam business.
The acquisition from Harbour Energy, valued at $84m (£63.14m), will see EnQuest paying $35m upon completion, adjusted for interim period cash flows.
The transaction reflects EnQuest's strategic focus on international growth with assets that promise rapid returns, low capital expenditure and a reduced carbon footprint.
The company's entry into Indonesia underscores its commitment to pursuing opportunities across the full upstream life cycle in a region rich with potential.
"EnQuest forays into Indonesia with new PSC blocks in Papua Barat" was originally created and published by Offshore Technology, a GlobalData owned brand.
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