Abu Dhabi: 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.”
Mubadala Petroleum’s portfolio in Indonesia
Dr Bakheet Al Katheeri,
Chief Executive Officer,
Mubadala Petroleum
About Mubadala Petroleum
Mubadala Petroleum is a leading international, upstream oil and gas exploration and production company and a wholly-owned subsidiary of Mubadala Investment Company (Mubadala). Mubadala is owned by the Government of Abu Dhabi.
We manage assets and operations spanning 10 countries with a primary geographic focus on the Middle East and North Africa, Russia and Southeast Asia. Our working interest production is approximately 360,000 barrels of oil equivalent per day.
We 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. We also have a non-operated interest in the Andaman II Gross Split PSC.
For more information, please visit www.mubadalapetroleum.com
Further information:
Angela Soeteber, Acting Head Communications
M: +65 9018 2071
angela.soeteber@mubadalapetroleum.com
Ahmad Ataya (Edelman on Behalf of Mubadala Petroleum), Senior Account Executive
M: +971 50 818 0384
Ahmad.Ataya@edelman.com
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