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Bumi Armada has expanded its offshore portfolio in Indonesia with a new production sharing contract for the Kojo PSC in the Makassar Strait, located between South Kalimantan and South Sulawesi. The Malaysian floater specialist sealed a deal with the country’s Energy and Mineral Resources Ministry, which will see it hold a 100% stake in the area covering 8,473 sq km with estimated resources of 90.2m barrels of oil and 2.1trn cu 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 Kojo is the company’s second deal in Indonesia after the Akia offshore exploration block in the Tarakan Basin, secured in September 2023. Armada Akia is the operator with 51% participating interest, while Pexco Tarakan holds the remaining 49% stake. The company noted that Kojo PSC 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. |
