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 South Korean Government under President Moon Jae-in`s administration is trying to strengthen South Korea`s diplomatic relations with Indonesia and other ASEAN member countries, said Choe Won-gi, Head of the Korean National Diplomatic Academy.
The North Maluku Cultural Heritage Preservation Office (BPCB) will collect data on prehistoric cave paintings existing in 36 caves on Kisar Island, Southwest Maluku District, Maluku Province, on Nov 14-28, 2018.
President Joko Widodo (Jokowi) held a bilateral meeting with Vietnamese Prime Minister Nguyen Xuan Phuc on the sidelines of the International Monetary Fund (IMF)-World Bank (WB) Annual Meeting in Nusa Dua, Bali.
World Bank President Jim Yong Kim said he appreciated Indonesia`s commitment to host the annual meeting of the International Monetary Fund and the World Bank after it was repeatedly hit by major earthquakes and tsunami.
President Joko Widodo (Jokowi) has outlined four priorities in handling efforts to rescue and assist victims of the magnitude-7.4 earthquake and a subsequent tsunami in Palu, Donggala, Sigi, and Parigi Moutong districts, Central Sulawesi Province.
The world did not need to seek a superhero in realizing world peace besides a global leadership of all nations and shared responsibility, according to Indonesian Vice President Jusuf Kalla.
Address: 1068 Budapest, Városligeti fasor 26. | MAP |
Phone: (+36-1) 413 3800 Fax: (+36-1) 322 8669
E-mail: embassy@indonesianembassy.hu