EnQuest has secured a Production Sharing Agreement (PSA) for Block C. This offshore asset is located in Brunei Darussalam. The Petroleum Authority of Brunei Darussalam (PABD) officially granted the agreement.
Offshore Block C Details
Block C sits in the waters off Brunei Darussalam. It represents a significant area for potential energy development.
Discovered Gas Fields
The block notably hosts several discovered condensate-rich gas fields. These include Merpati, Meragi, and Juragan. Such fields indicate valuable hydrocarbon resources within Block C.
The Production Sharing Agreement
A Production Sharing Agreement allows companies to explore and produce hydrocarbons within a defined area. In return, the contractor shares a portion of the produced oil or gas, or its revenue, with the host government. This structure facilitates resource development.
The PABD, Brunei Darussalam’s national regulatory body for petroleum activities, oversaw the award process. Their decision grants EnQuest rights to develop Block C’s resources.
EnQuest’s Expanding Portfolio
This agreement marks a new operational venture for EnQuest. The company now expands its presence into Brunei’s offshore sector. This addition diversifies EnQuest’s asset base.
Securing Block C highlights EnQuest’s strategic focus on growth opportunities. It also underscores the company’s commitment to developing energy resources in new regions.
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