Energi Mega to Spend US$36 Mln to Develop Bireuen Sigli Block

By Editorial Team 27/07/2023
Summary

Oil and gas company under the Bakrie Group, PT Energi Mega Persada Tbk (ENRG), through subsidiary PT Aceh Energy, is ready to invest US$36 million or around Rp 540.25 billion in the Bireuen Sigli Block in Aceh.

ENRG director and CFO Edoardus Ardianto said PT Aceh Energy has signed a cooperation contract required to operate the block, covering an area of 4,845 square kilometers. "We are ready to invest around US$36 million to develop the Bireun Sigli oil and gas asset in the next three years," he confirmed in an official statement on Wednesday.

The Bireun Sigli Block’s estimated resources are 2.1 trillion cubic feet of gas and 359 million barrels of oil. ENRG is trying hard to start its commercial production as soon as possible.

The acquisition of the block is in line with the company's determination to grow even bigger.

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