Premier bags Indonesian offshore license

Premier Oil, a London-listed oil and gas company, has been awarded the Andaman II offshore license in the 2017 Indonesian License Round.

Premier Oil said on Wednesday that it won the license together with its joint venture partners Mubadala Petroleum and Kris Energy.

Premier is the operator of the license with a 40 percent stake while Mubadala and Kris Energy hold 30 percent each.

The Andaman II license is located in the underexplored but proven North Sumatra basin offshore Aceh, Indonesia.

Premier added that it identified numerous prospects and leads which exhibit direct hydrocarbon indicators on the existing 2D seismic data, significantly de-risking a potentially material gas play. In the company’s assessment, the license has the potential for significant gas volumes which would be delivered to existing gas consumers in North Sumatra.

The company’s forward plan is to acquire 3D seismic in the initial three-year term.

Tony Durrant, CEO of Premier Oil, said: “This award is in line with Premier’s strategy of targeting low commitment high impact exploration in proven hydrocarbon provinces and has the potential to deliver significant organic growth opportunities for our existing Indonesian business in the longer term.”

In a separate announcement, the Ministry of Energy and Mineral Resources of Indonesia said that the Andaman II license was awarded for a total value bid of $7,550,000 not including a bonus upon signing the award of $1 million. As a result of the award, the JV committed to performing 3D seismic over a 1,850 km2 area.

The 2017 Indonesian License Round saw the Ministry offer ten licenses, six of which as direct offers and four in standard auctions. Only five licenses were awarded in the round. Namely, Andaman I was awarded to Mubadala, Peacock-Lampung to PT Tansri Madjid Energi, Pekawai and West Yamdena to PT Saka Energi Indonesia. The fifth license is the Andaman II.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

GeoConvention 2019

GeoConvention offers some of the best local and international insights to efficient energy exploration…

read more >

16th MOSCOW INTERNATIONAL OIL AND GAS EXHIBITION

The Moscow International Oil & Gas Exhibition display products like oil and gas products, oil and gas services…

read more >

Erbil International Oil & Gas Exhibition 2019

The event will be held at the Erbil International Fair Ground which is one of the largest energy related events in Iraq…

read more >

THE 24 th IRAN INTERNATIONAL OIL , GAS , REFINING & PETROCHEMICAL EXHIBITION

The second largest OPEC producer, Iran sits atop 11 percent of oil and 18 percent of gas…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply