EnQuest enters Indonesia with high bids for production blocks

EnQuest PLC received confirmation from the Ministry of Energy and Minerals of Indonesia that the company and its joint venture partners are the winning bidders for two production sharing contract (PSC) blocks in Papua Barat, Indonesia: Gaea and Gaea II.

Winners of the 2024 Phase II Oil and Gas Working Area Auction, opened in December 2024 for five working areas—Kojo, Binaiya, Serpang, Gaea, and Gaea II—were announced by authorities last week.

Subject to the execution of the PSC, EnQuest will be designated as the PSC operator with a 40% working interest. The Tangguh joint venture (comprised of BP Exploration Indonesia Ltd., MI Berau BV (an INPEX and Mitsubishi JV), CNOOC Southeast Asia Ltd., ENEOS Xplora Inc., Indonesia Natural Gas Resources Muturi Inc., and KG Wiriagar Petroleum Ltd. (a Mitsui company)) will hold 40%, and PT Agra Energi Indonesia will hold the remaining 20% working interest. 

The confirmation marks EnQuest’s entry into Indonesia and expands the company’s operations in South East Asia. The company recently secured an extension to its gas production in Malaysia and signed a deal to acquire Harbour Energy’s Vietnam business. 

Armada Etan Ltd. was confirmed as the winning bidder of Kojo. A consortium led by Pertamina was confirmed as the winning bidder of Binaiya. A consortium led by North Madura II Ltd. was confirmed as the winning bidder of Serpang.