JAKARTA. PT Energi Mega Persada Tbk (ENRG), Bakrie Group’s oil and gas company, has taken over all participating rights in Sengkang Block.

This participating rights acquisition was done by ENRG through EMP Energi Jaya (EEJ), its subsidiary. The participating rights were acquired by EEJ from Energi Equity Holdings Pty Ltd (EEH), Energy World Corporation (EWC), and Ventures Holdings Pty Ltd.

All related parties signed the shares sale and purchase agreement on October 10, 2024, with the transfer of participating rights concluded on October 31, 2024.

“Following the completion of this transaction, the Company hopes to be able to continue drilling activities to ramp up reserves of Sengkang PSC and to commence production from Wasambo field,” said Syailendra S. Bakrie, CEO of ENRG.

For the record, as of now, Sengkang Block is currently under contract with PT PLN (Persero) to produce 50 million cubic feet gas per day. Sengkang Block itself has 380 billion cubic feet of proved and probable gas reserves. (KR/ZH)