AWE completes AAL selldown to Santos subsidiary

Offshore staff

SYDNEY, Australia AWE Ltd. has completed the sale of a 50% participating interest in the Northwest Natuna production sharing contract (PSC), including the 101 MMbbl (K-Sand) Ande Ande Lumut (AAL) oil project, to a subsidiary of Santos Ltd. for $188 million. The Indonesian Ministry of Energy and Mineral Resources and the regulator, SKK Migas, have approved the sale of a 50% participating interest and the transfer of operatorship to Santos.

Bruce Clement, AWE’s managing director, said the sale would set the stage for a new period of growth for the company. “This will enable AWE to comfortably fund its planned capital expenditure and exploration programs from operating cash flow, with enough flexibility and financial capacity to pursue further growth opportunities in Australasia and Asia,” he said. “In addition to the Ande Ande Lumut K-Sand reservoir, we have identified further opportunities in the deeper G-Sand reservoir and a number of exploration prospects within the Northwest Natuna PSC.”

11/25/2013

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...