{"id":98450,"date":"2024-12-04T00:00:00","date_gmt":"2024-12-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/mubadala-energy-harbour-energy-to-develop-central-andaman-oil-and-gas-block\/"},"modified":"2024-12-04T00:00:00","modified_gmt":"2024-12-04T00:00:00","slug":"mubadala-energy-harbour-energy-to-develop-central-andaman-oil-and-gas-block","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/12\/04\/mubadala-energy-harbour-energy-to-develop-central-andaman-oil-and-gas-block\/","title":{"rendered":"Mubadala Energy, Harbour Energy to develop Central Andaman oil and gas block"},"content":{"rendered":"

Abu Dhabi-based Mubadala Energy and <\/strong>UK-headquartered<\/strong> Harb<\/strong>our Energy are <\/strong>set to develop the Central Andaman oil and gas block<\/strong> after inking a development contract with Indonesia's government, according to an Energy Ministry statement picked up by Reuters<\/a>. This comes less than two months after the pair received the exploration license<\/a> for the block from Indonesia's MIGAS.<\/p>\n

About the block:<\/strong> Located offshore northern Sumatra, the block is estimated to hold 100 mn barrels of oil and 500 bn cubic feet of gas, the newswire reports, citing Energy Ministry data. Harbour Energy holds a 60% operating stake in the block, while Mubadala Energy owns a 40% stake.<\/p>\n

The agreement employs a new model of revenue sharing:<\/strong> This is the first contract to employ Indonesia\u2019s gross split scheme, which was launched in 2017. The scheme divides gross production between contractors and the government based on agreed-upon percentages. The goal is to streamline contracts and make revenue more predictable.<\/p>\n

This isn\u2019t Mubadala\u2019s first rodeo in Andaman:<\/strong> Mubadala Energy and Indonesia's Perusahaan Listrik Negara (PLN) earlier this month inked an agreement<\/a> to explore power generation from the South Andaman blocks to address Indonesia\u2019s energy demand and for infrastructure development. Mubadala also discovered over 8 tn cubic feet of natural gas<\/a> at the Layaran and Tangkulo fields in North Sumatra in South Andaman earlier in May<\/a>, marking the company\u2019s second deepwater find<\/a> in South Andaman. The company wrapped up<\/a> its drilling campaign in South Andaman in September.<\/p>\n","protected":false},"excerpt":{"rendered":"

This is the first contract to employ Indonesia\u2019s gross split scheme<\/p>\n","protected":false},"author":1,"featured_media":98451,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1604],"tags":[143,7,1991,1812],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-98450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-energy","tag-enterpriseam-uae","tag-harbour-energy","tag-mubadala-energy","wpautop","entry"],"acf":{"mongo_id":"6775b33a-ffcc-4393-a8eb-c02bd472f2f3","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/356.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Mubadala Energy, Harbour Energy to develop Central Andaman oil and gas block","related_issue":[98440],"teaser":"This is the first contract to employ Indonesia\u2019s gross split scheme","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.0979f5ee-13ae-43a6-9ac7-12e4504e1252.mp3"},"yoast_head":"\nMubadala Energy, Harbour Energy to develop Central Andaman oil and gas block - 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