Published on 16/10/2024 at 08:36 GMT+7 Reading time
PT Energi Mega Persada (ENRG), a Bakrie Group-affiliated company, has officially acquired all participating rights in the Sengkang oil and gas block.
Through its subsidiary, PT EMP Energi Jaya (EEJ), ENRG signed a sales and purchase agreement with Energy World Corporation Ltd (EWC) and Ventures Holdings Pty Ltd (VH) on Thursday, October 10, 2024.
Energi Mega Persada CEO Syailendra S. Bakrie said that the agreement involves the acquisition of shares in Energy Equity Holdings Pty Ltd (EEH) and Epic Sulawesi Gas Pty Ltd (ESG), both of which own 100 percent of the shares in Energy Equity Epic (Sengkang) Pty Ltd (EEES).
EEES itself holds a 51 percent participating interest in the Sengkang Production Sharing Contract (PSC).
"With the completion of this acquisition, the company aims to resume drilling activities to increase reserves in the Sengkang PSC and initiate gas production from the Wasambo field. Energi Mega Persada remains committed to expanding its business both organically and through acquisitions," Syailendra stated in a disclosure to the Indonesia Stock Exchange on Tuesday, October 15, 2024.
Previously, through another subsidiary, PT Energi Maju Abadi (EMA), ENRG had already held a 49 percent interest in the Sengkang PSC.
Following the closing of the transaction scheduled for Thursday, October 31, 2024, ENRG will fully consolidate the Sengkang PSC into the company.
The Sengkang PSC currently has a contract with State electricity company PT PLN to produce approximately 50 million cubic feet of gas per day, with PT PLN acting as the primary buyer.
Located in South Sulawesi, the gas block also manages about 380 billion cubic feet of proven and measured gas reserves.
The Sengkang block, situated in Wajo Regency, South Sulawesi, holds proven gas reserves of approximately 800 billion cubic feet (BCF).
Additionally, total resources in the Sengkang block are estimated at 2 trillion cubic feet (TCF), representing potential future gas production.
Tag
Already have an account? Sign In
-
Start reading
Freemium
-
Monthly Subscription
30% OFF$26.03
$37.19/MonthCancel anytime
This offer is open to all new subscribers!
Subscribe now -
Yearly Subscription
33% OFF$228.13
$340.5/YearCancel anytime
This offer is open to all new subscribers!
Subscribe now
Set up email notifications for these topics
