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INPEX Signs Amendment & Extension to the PSC for Abadi LNG Project

Source: www.gulfoilandgas.com 10/11/2019, Location: Asia

INPEX CORPORATION (INPEX) announced that through its subsidiary INPEX Masela, Ltd, together with its joint venture partner Shell Upstream Overseas Ltd. (Shell), it has signed the Masela Block Production Sharing Contract (PSC) amendment including 7-year additional time allocation and 20-year extension for the Abadi LNG Project, (the Project), with SKK Migas (Special Task Force for Upstream Oil and Gas Business Activities), in the presence of Ignasius Jonan, Minister for Energy and Mineral Resources of the Republic of Indonesia, in Jakarta on October 10, 2019.

This signing marks the execution of a formal agreement on the PSC terms previously agreed and announced as part of the approval of the Abadi LNG Project’s Revised Plan of Development (POD) by the Government of Indonesia in July 2019.

The Project is the first large-scale integrated LNG development project operated by INPEX in Indonesia. The Abadi gas field features excellent reservoir productivity and contains significant resource volumes, raising expectations of efficient development and stable LNG production operations over the long-term.

The Project will provide significant contributions to the Republic of Indonesia and bring multiplier effects to Indonesia particularly in the eastern region. INPEX will continue to work closely with its partner Shell to deliver a globally competitive onshore LNG development beginning with preparations to commence FEED (Front End Engineering Design).

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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