Published: August 7, 2017 |

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Globaltec Formation Bhd said its Australia-listed 44 percent-owned subsidiary NuEnergy Gas Ltd has received approval to prepare a plan of development for its Tanjung Enim production sharing contract (PSC) in South Sumatra, Indonesia.

The approval marks a significant milestone for Globaltec as it works towards delivering the group’s first coal bed methane supply.

In a filing with Bursa Malaysia yesterday, Globaltec said NuEnergy will now work with Indonesian regulator SKK Migas, which granted the approval for preparing the plan of development.

The clean energy company is aiming to submit its plan of development proposal to Indonesia’s ministry of energy and mineral resources through SKK Migas before the end of the year.

Globaltec said its partners — PT Pertamina and PT Bukit Asam, two state-owned energy and resources companies — have given their commitments to the plan of development preparation and to the long-term development of the Tanjung Enim PSC.

The proposed plans for the development target two areas — the north and north-west of the Tanjung Enim PSC, where NuEnergy has focused its exploration, drilling and pilot production activities over the last eight years.

“The target buyers will be focused around the proposed plan of development areas, which is close to the existing networks and markets with gas infrastructure. During the plan of development preparation, NuEnergy will carry out discussion with the target buyers and negotiate on gas sales agreements,” said Globaltec.

NuEnergy holds six onshore PSCs across South Sumatra, Central Sumatra and East Kalimantan.

Source: (August 4, 2017) The Edge Financial Daily

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