Latest news with #TanjungEnimProductionSharingContract
The Star
26-05-2025
- Business
- The Star
Glotec's unit begins drilling Indonesia's first commercial CBM well
KUALA LUMPUR: Globaltech Formation Bhd 's (Glotec) subsidiary, NuEnergy Gas Ltd, has commenced drilling operations for the TE-B06001 well at its Tanjung Enim Production Sharing Contract (PSC) Plan of Development 1 (Tanjung Enim POD 1) area. The well is located approximately 218 kilometres (km) from Palembang, South Sumatra, and it is NuEnergy's and Indonesia's first commercial coal bed methane (CBM) project. In a filing with Bursa Malaysia today, NuEnergy said the well is the first of four planned CBM wells under its Early Gas Sales Initiative, targeting initial gas sales of one million standard cubic feet per day (mmscfd). A specially modified hydraulic drilling rig began drilling the TE-B06001 well on May 25. "The TE-B06001 well will be drilled vertically to a planned depth of approximately 463 metres, targeting multiple coal seams between 288 metres and 400 metres. "The well will be completed using an open-hole method - a proven technique optimised for gas recovery in CBM formations," it said. NuEnergy said the drilling campaign reflects its commitment to delivering sustainable, cleaner energy solutions while supporting Indonesia's domestic gas supply strategy. The successful execution of the TE-B06001 well will lay the groundwork for further development under Tanjung Enim POD 1 and validate the commercial potential of NuEnergy's CBM assets, it said. Spanning about 33 square kilometres (km²) or 13 per cent of the total PSC area, the Tanjung Enim POD 1 has a planned production of 25 mmscfd, with reserves of 164.89 billion standard cubic feet, and has been certified by Indonesia's Research and Development Centre for Oil and Gas Technology, NuEnergy added. "The Tanjung Enim POD 1 was approved by the Ministry of Energy and Mineral Resources in July 2021. "As Indonesia's first commercial-scale CBM development, this project represents a strategic step toward achieving the country's energy transition goals through cleaner, unconventional gas sources," it said. Its chairman, Bernard Kong, said the TE-B06001 well marks the beginning of a transformational journey, not just for the company, but also for Indonesia's gas sector as it moves towards cleaner, domestically sourced energy. "With strong support from regulators and the local community, we are confident in delivering a project that meets both environmental and operational standards,' he said. - Bernama
New Straits Times
26-05-2025
- Business
- New Straits Times
Globaltec unit begins drilling at Indonesia's first commercial coalbed methane project
KUALA LUMPUR: Globaltec Formation Bhd's Australian-listed subsidiary, NuEnergy Gas Ltd, has commenced drilling the first of four wells under its Early Gas Sales Initiative in South Sumatra, Indonesia. In a filing with Bursa Malaysia today, Globaltec said the drilling marks the start of Indonesia's first commercial coalbed methane (CBM) project. The well is located in the Tanjung Enim Production Sharing Contract's Plan of Development 1 (POD 1) area and targets initial gas sales of one million standard cubic feet per day (mmscfd). "This milestone underscores NuEnergy's commitment to cleaner energy and validates the commercial viability of its coalbed methane assets," the company said. The POD 1 area, covering 33 square kilometres, holds certified reserves of 164.89 billion standard cubic feet and has a planned production capacity of 25 mmscfd. It is also backed by a heads of agreement with Indonesia's largest gas utility, PT Perusahaan Gas Negara Tbk, a subsidiary of Pertamina. Globaltec said the successful spudding of the well lays the foundation for further development and commercial delivery from its South Sumatra CBM assets. At press time, shares of Globaltec were trading at 47 sen, up 4.44 per cent from the previous close of 45 sen, valuing the company at RM126.49 million. The stock hit a two-year low of 42.5 sen on April 9 and has been trading between 46 sen and 49 sen since the start of the year.
