Prima Energy acquires 28.3% stake in Jadestone Energy

The Indonesian E&P company said its investment follows a review of Jadestone’s producing and development assets across Australia, Malaysia, Vietnam and Indonesia, and supports its broader offshore growth strategy.

Jeremy Beckman

Related To:

Jadestone Energy

Oct. 29, 2026

2 min read

Add Us On Google

Why this news matters:

The investment links two independent E&P companies with exposure to multiple offshore producing and development assets across Southeast Asia and Australia.
Prima’s move signals continued confidence in regional offshore oil and gas opportunities, including mature field redevelopment and new project developments.
The acquisition could strengthen Prima’s expansion strategy beyond Indonesia while providing greater visibility into Jadestone’s portfolio of producing and growth assets.

Offshore platform at sunset with Southeast Asia map overlay — Prima Energy's acquisition of a 28.3% stake in Jadestone Energy expands its exposure to offshore producing and development assets across Indonesia, Malaysia, Vietnam and Australia.

PT Petroleum Energi (Prima Energy) has acquired a 28.3% stake in Singapore-based E&P company Jadestone Energy.

This followed a review of Jadestone’s projects and field developments offshore Western Australia, Malaysia, Vietnam and onshore Indonesia.

According to Prima, Jadestone, which is listed on the AIM market of the London Stock Exchange, is currently valued at £228 million ($305 million). The company is said to have offices in five countries with over 400 staff.

Prima, formed in 2021, operates two production sharing contracts (PSCs) offshore Indonesia with a 100% interest in each case.

The Bawean PSC, 60 km north of Madura, northeast Java, contains the shallow-water Camar oil field with nearby exploration opportunities. Camar had been shut in before production restarted in February 2024, with two new wells and a new pipeline installed.

The Northwest Natuna PSC covers a 461-sq-km area, about 260 km north-northwest of Matak in the Anambas Islands, which are 510 km northeast of Singapore and Batam.

There, the AndeAnde Lumut oil field is under development in 70 m of water via a new central processing platform (CPP), with at least 20 horizontal wells planned to produce the heavy oil.

As the sand is unconsolidated, each horizontal well will employ sand and inflow control and electrical submersible pumps. The CPP will be connected to an FSO, with first oil expected in 2028.

Prima’s sister company the Soechi Group has interests in shipping and marine services, including transportation and storage of oil and gas, and is supporting Prima’s planned expansion into further offshore oil and gas activity.

CEO Pieters Utomo said, “We believe there is excellent potential in Jadestone’s assets and look forward to working with the board and management to help create value for all stakeholders.”

Early last month, Jadestone noted Prima Energy’s statement that it had no intention of making an offer to acquire the company. Jadestone Energy plc and is bound by the terms of Rule 2.8 of the UK Takeover Code in that respect.

About the Author

Jeremy Beckman

Staff Writer / Editor, Europe

Jeremy Beckman has been Editor Europe, Offshore since 1992. Prior to joining Offshore he was a freelance journalist for eight years, working for a variety of electronics, computing and scientific journals in the UK. He regularly writes news columns on trends and events both in the NW Europe offshore region and globally. He also writes features on developments and technology in exploration and production.