|23 January, 2020

Mubadala Petroleum completes farmout in 2 Indonesian blocks

Mubadala Petroleum will hold an 80% participating interest in the two fields

Image used for illustrative purpose. Chinese labourers work at the Lunnan oilfield on October 11, 2006 in Lunnan county, Xinjiang Uygur Autonomous Region, China.

Image used for illustrative purpose. Chinese labourers work at the Lunnan oilfield on October 11, 2006 in Lunnan county, Xinjiang Uygur Autonomous Region, China.

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UAE – Mubasher: Mubadala Petroleum announced the completion of an agreement to farmout a 20% participating interest in the Andaman I and South Andaman blocks in Indonesia to the UK’s Premier Oil following the approval of the Indonesian government.

Under the agreement, Mubadala Petroleum will hold an 80% participating interest in the two fields, while the remaining share will be owned by Premier Oil.

It is noteworthy to mention that Mubadala Petroleum, a wholly-owned subsidiary of Mubadala Investment Company, is also a partner with a 30% participating interest in the Andaman II block, which is operated by Premier Oil.

Source: Mubasher

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