Search DubaiPRNetwork.com

Home >> Energy and Industry

Mubadala Petroleum to farmout a 20% participating interest in both the Andaman I and South Andaman PSCs in Indonesia

Wednesday, July 17, 2019/ Editor -  

Share

Home >> Energy and Industry

Abu Dhabi, 17 July, 2019:   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.” 


Previous in Energy and Industry

Next in Energy and Industry


Home >> Energy and Industry Section

Latest Press Release

Unit 1 of Barakah Nuclear Energy Plant reaches 50% Power as UAE Delegation Parti ...

Be Flawless Trend Edition by essence #MinaXessence

DHA and KHDA Begin Campaigns in Private Schools to Educate Children About COVID- ...

Back With a Bang: IMAGINE Returns to Dubai Festival City Mall's Festival Bay

Samsung's Air Purifier: The Innovative Appliance Brining New Meaning to Indoor A ...

Dubai Culture Reveals Children's Wishes in ‘My Library & Expo' Time Capsule

Trading Enterprises Introduces All-new Jeep® Gladiator: the Most Capable, Unique ...

Music to Enhance Quality of Life and Healing Process of Long-Term Care Patients ...

AS World Group Signs Corporate Contract With Emaar Hospitality Group for Expo 2 ...

Bring in Kristalia Furnishings That Will Make You ‘Feel at Home' By Western Furn ...

With the New GROHE Rainshower Smartactive Hand Shower, the Perfect Shower Experi ...

RewirEd, A Global Platform Set to Rewire Education for a Prosperous and Sustaina ...

Emirates Airline Festival of Literature Competitions for Schools Opened

Heart Attack Patient ‘Died' Multiple Times Before Making Full Recovery

World Gold Council and its Members Highlight Commitment to Sustainable Developm ...

MBRSC Inks Strategic Partnership Agreement with NASA to Train Four Emirati Astro ...

Dubai Health Authority and Dubai Healthcare City Authority Sign MoU to Strengthe ...

A Team of UAE Residents Found their Breakthrough Moment with An Innovation That ...

Dubai Sports Council Obtains ISO 9001, ISO 45001 and ISO 14001 Certificates

Dubai Customs: Dh67b Airborne Gold and Diamonds Trade from 1st March to 30th Jun ...