KUALA LUMPUR: Bumi Armada Bhd
wholly-owned subsidiary Armada Kojo BV has inked a production sharing contract (PSC) with Indonesia’s Energy and Mineral Resources Ministry for the exploration block in Makassar Strait, Indonesia (Kojo PCS).
In a Bursa Malaysia filing today, Bumi Armada said Armada Kojo is the operator for Kojo PSC with a 100 per cent participating interest.
The Kojo PSC covers an area of 8,473 square kilometres with water depths ranging from 50 to 1,000 metres, the filing said.
"The MIGAS' estimated resources are 90.2 million barrels of oil (MMBO) and 2.1 trillion cubic feet (TCF) of gas. (The plan is) to acquire new 20 seismic and to integrate with existing sub-surface data to evaluate the potential for development,” Bumi Armada said.
The group said the Kojo PSC will be the second-operated PSC by Bumi Armada in Indonesia, after the Akia PSC.
The move is aligned with Bumi Armada's strategy to develop oil and gas discoveries by utilising floating production storage and offloading facility with either a floating liquefied natural gas (FLNG) facility or a pipeline. This leverages Bumi Armada's core expertise in providing and operating floating production systems. - Bernama
