Prima Energi strengthens position in energy sector with acquisition

PT Bumi Pratiwi Hulu Energi (Prima Energi), an Indonesian-based upstream oil company, has acquired full ownership of the Northwest Natuna PSC (Production Sharing Contract) via its purchase of AWE (AAL) NZ Limited, AWE Northwest Natuna Pte Ltd and AWE Holdings Singapore Pte. Ltd.

The acquisition which was completed on 13 July 2023 represents a significant milestone for Prima Energi as it expands its presence in the energy sector and reinforces its commitment to delivering energy solutions in line with global environmental objectives.

The Northwest Natuna PSC contains the Ande Ande Lumut oilfield (AAL) which has been independently assessed to recover approximately 80 MMboe (million barrels of oil equivalent) of crude oil.

AAL holds immense potential to contribute to production targets set by the Indonesian Government for 2030.

Prima Energi will develop AAL with the objective of achieving oil production by 2026. Development at AAL will be staged – an Early Production System (EPS) Plan[1] and a Full Field Development Plan – to facilitate the selection of the most efficient drilling, completion, and production techniques, as well as the best separation of oil and water.

Mr Faisal, Chief Operating Officer of Prima Energi, said: “Prima Energi is committed to being a responsible operator, and will develop the AAL efficiently in an environmentally cautious manner which will benefit our stakeholders.”

“We will work closely with the Indonesian Government, local communities, and stakeholders to foster sustainable operations that benefit the region and contribute to the growth of Indonesia’s oil and gas industry.”

Source:  Prima Energi.