Gulf Oil and Gas accountACCOUNT

Mubadala Petroleum to Farmout a 20% Participating Interest in Indonesia

Source: www.gulfoilandgas.com 7/17/2019, Location: Asia

Mubadala Petroleum announces that it has signed an agreement with Premier Oil to farmout a 20 percent participating interest in each of the Andaman I and South Andaman Gross Split Production Sharing Contracts (PSCs). Mubadala Petroleum is the operator of both the Andaman I and adjacent South Andaman PSCs.

Completion of the transaction is subject to customary conditions including government approvals.

The Andaman I and South Andaman PSCs are located in the underexplored but proven North Sumatra basin offshore Aceh. Mubadala Petroleum is also a partner with a 30 percent participating interest in the Andaman II PSC which is operated by Premier Oil.

With participating interests in these three adjacent blocks, Mubadala Petroleum is the largest net acreage holder in the area, securing the core of the North Sumatra basin for future exploration growth. The PSCs have the potential to unlock a new material gas play for domestic consumption in North Sumatra and potentially long-term export to regional markets.

Dr Bakheet Al Katheeri, Mubadala Petroleum’s Chief Executive Officer, commented:” With this farmout, Mubadala Petroleum will extend its partnership with Premier Oil for the exploration of the Andaman blocks offshore Aceh.

Both partners have a strong commitment to this new high impact growth area which supports Mubadala Petroleum’s growth strategy of finding and, if successful, developing gas for Indonesia’s growing markets.”

Acquisitions and Divestitures News in Indonesia >>

Mexico >>  1/22/2020 - Reference is made to the stock exchange notification published by Electromagnetic Geoservices ASA (EMGS) on 4 June 2019, wherein the Company informed ...
Indonesia >>  1/21/2020 - Mubadala Petroleum announces that it has completed the farmout of a 20 percent participating interest in each of the Andaman I and South Andaman Gros...

Australia >>  1/20/2020 - The Board of Metgasco Ltd has executed a re-stated L14 Western Flank farm-out agreement with RCMA Australia Pty Ltd (“Jade”) and Vintage Energy Ltd. ...
Egypt >>  1/20/2020 - Petroleum Minister Tarek el Mulla signed nine agreements on oil and gas exploration in the Mediterranean and Western Desert with total investments of ...

United Kingdom >>  1/20/2020 - The Company is pleased to provide an update to the announcement of 4 November 2019, regarding the exclusivity agreement (the "Agreement") in respect o...
Angola >>  1/17/2020 - ANPG, State concessionaire for oil & gas rights in Angola, assigned Block 28 to Eni (as Operator with 60%), as a result of the international competiti...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Indonesia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

Oil & Gas Projects in Indonesia >>

More News

Related Links

Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.