Neptune Energy and partners awarded West Ganal PSC in Indonesia

Neptune Energy and partners awarded West Ganal PSC in Indonesia

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26 August 2019

Neptune Energy and its partners, Eni (Op) and Pertamina, have today been awarded the West Ganal production sharing contract (PSC) in Indonesia, by Indonesia’s Ministry of Energy and Mineral Resources.

The block, offered in the second conventional oil and gas bidding round 2019, covers an area of 1,129 km2 and is located in the prolific Kutei basin, offshore East Kalimantan and adjacent to Jangkrik and Jangkrik NE fields. The block includes the Maha discovery with in place gas resources in excess of 600 Bscf.

The consortium has committed to drilling four exploration wells during the first exploration period, in addition to acquiring 600 km2 of 3D and 600 km of 2D seismic data.  

Today’s announcement follows Neptune’s recent agreement with Eni to acquire a 20 per cent working interest in the East Sepinggan PSC and a 30 per cent working interest in the East Ganal PSC. Neptune is already a 33% working interest partner in the Jangkrik fields.

Jim House, Neptune Energy CEO, said: "This award provides Neptune with further long-term growth opportunities in the strategically important Kutei basin. The block has significant exploration potential, which can be commercialised via existing Jangkrik infrastructure.

"Indonesia has significant hydrocarbon resources and we look forward to working with our partners to help develop and provide further benefits for the country”.

Eko Lumadyo, Neptune Energy’s Managing Director for Indonesia, said: "We have been actively involved in exploration and production in the Kutei basin since 2008. The current series of acquisitions and bid round success clearly demonstrates Neptune’s ongoing commitment towards Indonesia”.