Mubadala Petroleum Makes Progress on Farmout of Andaman I and South Andaman PSCs in Indonesia
Posted on 01/21/2020
Mubadala Petroleum, part of Mubadala Investment Company, disclosed the completion of the farmout of a 20% participating interest in each of the Andaman I and South Andaman Gross Split Production Sharing Contracts (PSCs) to U.K.-based Premier Oil plc following Indonesian government approvals.
According to a press release, “Following completion, Mubadala Petroleum, as operator, has an 80 percent participating interest in each of the Andaman I and adjacent South Andaman PSCs, with Premier Oil holding the remaining 20 percent participating interest in the two blocks. Mubadala Petroleum is also a partner with a 30 percent participating interest in the Andaman II Gross Split PSC, which is operated by Premier Oil.”
Mubadala Petroleum has participating interests in these three adjacent blocks, enabling the company as the largest net acreage holder in the area. This area is quite unexplored, but has proven energy reserves. Mubadala Petroleum have been present in Indonesia since 2004 and operate four offshore Production Sharing Contracts (PSC): In the Makassar Strait the Sebuku PSC with the producing Ruby gas field and the West Sebuku PSC plus offshore Aceh the Andaman I and South Andaman Gross Split PSCs. Mubadala Petroleum also controls a non-operated interest in the Andaman II Gross Split PSC.
Mubadala Petroleum’s portfolio in Indonesia
Image Credit: Mubadala
Premier Oil is engaged in oil and gas exploration, development and production. Premier Oil operates in the North Sea, Asia, Pakistan, Mauritania, and the Falkland Islands, while simultaneously developing assets in Mexico and Brazil. Mubadala Petroleum manage assets and operations spanning 10 countries with a primary geographic focus on the Middle East and North Africa, Russia and Southeast Asia. Mubadala Petroleum’s working interest production is approximately 360,000 barrels of oil equivalent per day.