Canada’s Criterium buys stake in Bulu PSC in Indonesia for $1.6mn
Canada’s Criterium Power on December 20 introduced its entry into the southeast Asian market with the acquisition of a 42.5% curiosity within the Bulu manufacturing sharing contract (PSC) for $1.6mn. The Bulu PSC accommodates the Lengo fuel area, offshore East Java Indonesia.
Criterium entered right into a binding settlement with a subsidiary of Mitsui E&P Australia Holdings for the acquisition of the excellent shares in AWE (Asia), which owns a 42.5% non-operated working curiosity within the Bulu PSC.
The remaining 57.5% collaborating curiosity within the Bulu PSC is held by Kris Power (42.5%) and two native companions, Satria Energindo (10%) and Satria Wijaya Kusuma (5%).
The federal government of Indonesia authorized the plan of growth for the Lengo fuel area in 2014 with the primary fuel anticipated in 2026-2027 and gross sales fuel of 60 – 80mn ft3/d gross (25-30mn ft3/d internet Criterium), the corporate mentioned.
The Bulu PSC companions have entered right into a heads of settlement (HOA) for long-term fuel offtake, which is anticipated to progress to a binding fuel gross sales settlement in 2023. The fuel costs are anticipated to be within the vary of US$6-$8/mn Btu.
“The acquisition of an curiosity within the Bulu PSC offers Criterium a powerful basis from which to execute our SE Asia development and revenue enterprise mannequin,” CEO Robin Auld mentioned. “This totally appraised fuel useful resource along with encouraging progress made on the fuel gross sales settlement units the stage for worth accretion within the quick and long run.”
The Bulu PSC is positioned 65 km offshore East Java in water depths of roughly 50 m. The Bulu PSC accommodates the Lengo fuel area which was found in 2008 by the Lengo-1 nicely which stream examined 12.9mn ft3/d and appraised in 2013 by the Lengo-2 nicely which stream examined 20.6mn ft3/d.