REPUBLIKA.CO.ID, JAKARTA -- Indonesia's energy company, PT Energi Mega Persada Tbk (ENRG) has acquired exploration and production concession contract (EPCC) in Buzi block, Mozambique.
The company owns 75 percent of participating interest in Buzi Block, partnering with Mozambique government, which owns 25 percent shares.
The 175 million USD acquisition was made because Buzi block has productive gas about 13.4 trillion cubic feet (tcf).
"This block was demanded by several oil and gas companies, especially after discovery of proven gas reserves about 283 billion cubic feet," Chairman of ENRG, Imam P Agustino said to ROL recently.
As a public private upstream oil and gas company based in Jakarta, ENRG has been very active in acquiring oil and gas block in Indonesia. ENRG has also been actively seeking new oil and gas reserves abroad, especially in Asia and Africa.
Buzi block is located in strategic place, surrounded by some blocks that have been producing gas, such as Pande, Temane and Inhassoro oil field. Mozambique has grown into a giant new natural gas producer with more than 100 tcf of newly discovered gas that could made Mozambique the world's third largest exporter for liquefied natural gas.
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