JAKARTA (Yosefardi) – PT Energi Mega Perada Tbk (ENRG) has acquired exploration and production concession contract (EPCC) for oil and gas at Buzi block, MOzambik, Africa.
The company will have 75% participating interest at the block while the rest is held by Mozambik government through Empressa Nacional de Hidrocarbonetos (ENH).
The acquisition is valued for US$175 million, funded by internal cash and loan. The block is expected to commence production by 2017.
Buzi block has proven gas reserves of 283 billion cubic feet and productive gas resources of 13.4 trillion cubic feet.