EnQuest PLC - Gaea and Gaea II PSC execution
Summary by AI BETAClose X
EnQuest PLC, 26 August 2025
Indonesia - Gaea and Gaea II PSC execution
EnQuest is pleased to confirm that it has, together with its joint venture partners and the Government of Indonesia, signed Production Sharing Contracts ('PSCs') for the Gaea and Gaea II exploration blocks, located in Papua Barat, Indonesia.
Under the PSC terms, EnQuest has a 40% participating interest in the blocks and is the PSC operator, alongside its partners, the Tangguh Joint Venture (40% participating interest, comprising BP Exploration Indonesia Limited, MI Berau B.V. (an INPEX and Mitsubishi joint venture company), CNOOC Southeast Asia Limited, ENEOS Xplora Inc., Indonesia Natural Gas Resources Muturi, Inc. (an LNG Japan Corporation), and KG Wiriagar Petroleum Ltd (a Mitsui & Co., Ltd)), and PT Agra Energi Indonesia (20% participating interest), through their respective newly established entities.
The Gaea and Gaea II blocks present a multi-Tscf unrisked resource potential for EnQuest, estimated to be in excess of 100 Tscf by the Ministry of Energy and Mineral Resources (see Notes to Editors below) and are located in proximity to the bp-operated Tangguh LNG facility, as shown below:
The signing of these PSCs marks EnQuest's entry into Indonesia. It also aligns EnQuest to work closely with the joint venture partners to realise the potential within the blocks.
Commenting on the signing of the PSCs, EnQuest Chief Executive Officer, Amjad Bseisu said:
"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."
The PSCs' prospectivity may add significant upside to EnQuest's established South East Asia portfolio, a region from which the Group expects to deliver more than 35,000 Boepd of production by 2030.
EnQuest will provide a further update on Gaea and the Group's broader South East Asian and North Sea operations at its half year results on 24 September 2025.
Ends
For further information please contact:
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EnQuest PLC |
Tel: +44 (0)20 7925 4900 |
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Amjad Bseisu (Chief Executive Officer) |
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Jonathan Copus (Chief Financial Officer) |
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Craig Baxter (Head of Investor Relations and Corporate Affairs) |
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Teneo |
Tel: +44 (0)20 7353 4200 |
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Martin Robinson |
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Harry Cameron |
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NOTES TO EDITORS
Extract from Ministry of Energy and Mineral Resources Bidding Round 2024 presentation
ENQUEST
EnQuest is providing creative solutions through the energy transition. As an independent energy company with operations in the UK North Sea and South East Asia, the Group's strategic vision is to be the partner of choice for the responsible management of existing energy assets, applying its core capabilities to create value through the transition.
EnQuest PLC trades on the London Stock Exchange.
Please visit our website www.enquest.com for more information on our global operations
Forward-looking statements: This announcement may contain certain forward-looking statements with respect to EnQuest's expectations and plans, strategy, management's objectives, future performance, production, reserves, costs, revenues and other trend information. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this announcement should be construed as a profit forecast. Past share performance cannot be relied upon as a guide to future performance.
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