Media ININ Economy We Trust
Media In – Abu Dhabi 9 April 2018 WAM
Mubadala Petroleum Company (Mubadala), a subsidiary of Mubadala Development Company, has signed a joint production contract for the Andaman 1 project, which was awarded a concession by the Indonesian government in 2017.
Mubadala Petroleum is the main operator of the Andaman 1 project and has also entered as a partner in the Andaman II project managed by Premier Oil through a joint production contract signed last week.
The two projects – “Andaman 1” and “Andaman 2” – are located in the North Sumatra Maritime Basin, a promising undiscovered area in which Mubadala Petroleum has been operating since 2011 through joint study agreements.
These contracts provide access to new gas quantities for domestic consumption in North Sumatra and then export to regional markets over the long term.
The work license for the Andaman 1 project includes geological survey and three-dimensional seismic studies in the first three years.
Bakhit Al-Kathiri, CEO of Mubadala Petroleum, said: “The joint production contract” Andaman 1 “, which we operate and” Andaman II “, which we have entered as an additional extension partner of Mubadala Petroleum’s portfolio in Indonesia, has emerged as an important growth center. These new exploration projects support our growth strategy, which explores gas fields and then develops them to serve the growing market in Indonesia and can provide significant growth opportunities for our existing business in Indonesia over the long term. “
