KUALA LUMPUR, Malaysia — Bumi Armada subsidiary Armada Akia and Pexco Tarakan have signed the Akia production sharing contract (PSC) in the offshore Tarakan Basin, North Kalimantan province, with Indonesia’s Ministry of Energy and Mineral Resources.
The Akia PSC, covering an 8,394-sq-km area, contains the Aster and Tulip oil and gas discoveries, with the latter holding an estimated 860 Bcf of gas and 60 MMboe of oil and condensate.
The partners plan to acquire new 3D seismic over the Tulip discovery to assess the potential for a fast-track development in 800 m water depth. Bumi Armada would provide and operate an FPSO and an FLNG or gas pipeline for the development.
Pexco Group is an upstream E&P group of companies that currently operates two PSCs in Indonesia.