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EnQuest PLC on Tuesday said it has signed production sharing contracts for the Gaea and Gaea II exploration blocks in Papua Barat, Indonesia, along with its joint venture partners and the Indonesian government. The oil and gas company with operations in the UK and Malaysia said that, under the terms of the contracts, it has a 40% participating interest in the blocks. EnQuest will be the PSC operator. Its partners are the Tangguh joint venture, which holds a 40% participating interest, and PT Agra Energi Indonesia, which holds a 20% interest. The Tangguh joint venture is made up of BP Exploration Indonesia Ltd, MI Berau BV, CNOOC Southeast Asia Ltd, ENEOS Xplora Inc, Indonesia Natural Gas Resources Muturi Inc and KG Wiriagar Petroleum Ltd. EnQuest said the blocks present an unrisked resource potential estimated by the Ministry of Energy & Mineral Resources to be more than 100 trillion cubic feet. The signing of the contract markets EnQuest’s entry into Indonesia. ‘It also aligns EnQuest to work closely with the joint venture partners to realise the potential within the blocks,’ the firm added. ‘We are very proud to have been selected as the operating partner on the Gaea and Gaea II PSC blocks. This award is a testament to the trust the Indonesian government has placed in EnQuest, and we are committed to working with the Tangguh joint venture and PT Agra Energi Indonesia to unlock the full potential of these blocks,’ said Chief Executive Officer Amjad Bseisu. EnQuest said the contracts may add ‘significant upside’ to its established South East Asia portfolio, from which it expects to deliver over 35,000 barrels of oil equivalent per day of production by 2030. Shares in EnQuest were up 1.6% at 12.94 pence in London on Tuesday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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