PETALING JAYA: Offshore energy facilities and services provider Bumi Armada Bhd
’s wholly owned subsidiary, Armada Kojo BV (AKBV), has signed a production sharing contract (PSC) with Indonesia’s Energy and Mineral Resources Ministry for the Kojo PSC in the Makassar Strait located between South Kalimantan and South Sulawesi.
The Kojo PSC, in which AKBV has a 100% participating interest, covers an area of 8,473 sq km with water depths ranging from 50m to 1,000m with estimated resources of 90.2 million barrels of oil and 2.1 trillion cubic feet of gas.
Bumi Armada said in a stock exchange filing that there were plans to acquire 20 new seismic and to integrate them with existing sub-surface data to evaluate the potential for development.
The company noted that Kojo PSC would be its second PSC in Indonesia after Akia PSC and that this aligns with its strategy to develop oil and gas discoveries by utilising a floating, production, storage and offloading vessel with either a floating liquefied natural gas facility or pipeline.
