PT Energi Mega Persada acquires oil and gas block in Mozambique

18 Oktober, 2013 | Source: The Jakarta Post

PT Energi Mega Persada Tbk. (ENRG) has acquired the oil and gas Exploration and Production Concession Contract (EPCC) for the Buzi Block in Mozambique, Africa.



 ENRG will own 75 percent participating interest in the Buzi Block, partnering with the Mozambique government, which owns 25 percent through Empressa Nacional de Hidrocarbonetos (ENH).

The block, acquired for US$175, is projected to start producing in 2017.

ENRG is funding the acquisition by internal cash flow and loan financing. The Buzi Block has caught the attention of many international oil and gas companies, especially after a 283-billion-cubic-foot gas reserve was recently discovered. The block has an additional 13.4 trillion cubic feet of prospective gas resources.

“Mozambique has emerged as a new giant in natural gas. More than 100 tcf [trillion cubic feet] were recently discovered, and Mozambique is the next emerging region for oil and particularly gas and could become the world′s third largest exporter of liquefied natural gas [LNG].

A number of large multinational companies are actively exploring, appraising and developing their gas discoveries into LNG projects in Mozambique,” ENRG president director Imam Agustino said in an official press release Friday.

“We are happy that our entry into Mozambique is in the early stages of gas development and our partner is the government. This shows that an Indonesian oil and gas company can already compete internationally by focusing on technological innovation, transparency and fairness,” he said.

For the last several years ENRG have been actively acquiring oil and gas blocks in Indonesia and has been in search of new reserves abroad, considering the rising demand for energy in developing countries, especially in Asia and Africa.

 

The government and Indonesian tea stakeholders will visit three European cities – Hamburg, London and Brussels – for a week-long program dubbed the Indonesia Tea Trade Mission (ITTM) starting Sunday to boost declining exports of Indonesian tea to Europe.
Transportation Minister Budi Karya Sumadi said that Indonesia has surpassed the world aviation safety standards, based on the International Civil Aviation Organization (ICAO USOAP), from 50 to 80.
Indonesian President Joko Widodo (Jokowi) held a bilateral meeting with Australian Prime Minister Malcolm Turnbull on the sidelines of APEC Summit held, here, Saturday.
Indonesian President Joko Widodo (Jokowi) discussed security situation in the Korean Peninsula with his South Korean counterpart, Moon Jae-In, during bilateral talks at the Bogor Palace on Thursday.
Indonesia was awarded the Best Dive Destination 2017 by British Dive Magazine at the World Travel Market (WTM) London held in ExCel London, England, from Nov 6 to 8.
The United Nations Educational, Scientific and Cultural Organization (UNESCO) has considered Indonesia to be a superpower country in terms of culture.
Address: 1068 Budapest, Városligeti fasor 26. | MAP |
Phone: (+36-1) 413 3800 Fax: (+36-1) 322 8669
E-mail: embassy@indonesianembassy.hu