KrisEnergy reduces working interest in Aceh block

Singapore’s KrisEnergy has announced that it has reduced its working interest in the Block A Aceh production sharing contract to 15% in alignment with its revised business plan to reduce future capital expenditure while maintaining exposure to a high-value gas development in Indonesia.

Proceeds from the transaction will be applied towards funding KrisEnergy’s share of the capital expenditure for the Block A Aceh gas development.

The operator of Block A Aceh, PT Medco E&P Malaka, has acquired 26.6666% of KrisEnergy’s working interest and increased its holding to 85%.

“This farm-out is in line with our recently announced revised business plan to reduce exposure to contract areas where we have a high working interest in order to mitigate risk and reduce future capital expenditure commitments given the continued volatility in oil and gas markets. However, we remain a partner in Block A Aceh and will benefit from long-term revenues and cash flow once the gas fields are developed and on stream,” said Jeffrey Macdonald, interim ceo of KrisEnergy.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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