EOR gains 85% stake in Wailawi field

Indonesia

JAKARTA, September 23, 2015 – Australian investment group Enhanced Oil & Gas Recovery (EOR) has acquired a majority stake in the Wailawi oil and gasfield in East Kalimantan, Indonesia, the company reported on Wednesday via press release.

The company acquired 100 percent of Centre Energy Petroleum, which holds an 85-percent stake in the Wailawi prospect, and paid AUD12.8 million ($6 million) for the deal to Malaysian company Vibrant Link and partners.

The Wailawi prospect was discovered in 1975, and reached its peak output in 1985 when it produced a high of 510,000 cubic metres (18 mcf) per day. The field saw maintenance operations in the late 1990s, largely due to the Asian financial crisis, until 2005, when Centre Energy Petroleum brought it back on stream. The field is estimated to have reserves of 2.49 bcm (88.2 bcf) of gas and 37.5 million barrels of oil.

For more news and features on Indonesia, click here.

Read our latest insights on:

• Indonesia

Previous

Roc Oil spuds second well offshore China

Next

New semisub from Technip and Samsung