Mubadala to Farm Out 20% Interest in Offshore Blocks
Mubadala Petroleum has entered into a farmout agreement with UK-based Premier Oil plc for a 20 percent interest in the Andaman I and South Andaman blocks, the company announced Wednesday.
Mubadala is the operator of the two gas blocks, which are located offshore Aceh, Indonesia, in the underexplored, but proven, North Sumatra basin.
Mubadala is also a partner in the Andaman II block with a 30 percent participating interest. That block is operated by Premier Oil.
“With this farmout, Mubadala Petroleum will extend its partnership with Premier Oil for the exploration of the Andaman blocks offshore Aceh,” Mubadala CEO Dr. Bakheet Al Katheeri said in a company statement. “Both partners have a strong commitment to this new high impact growth area which supports Mubadala Petroleum’s growth strategy of finding and, if successful, developing gas for Indonesia’s growing markets.”
With participating interest in three adjacent blocks, Mubadala controls the most acreage in the area. This gives them the opportunity for future exploration growth in the Sumatra basin.
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