From Yahoo Finance: 2025-05-22 10:31:00

Bumi Armada’s Armada Kojo secures a production sharing contract with Indonesia’s Ministry of Energy and Mineral Resources for the Kojo block in the Makassar Strait, containing an estimated 90.2 million barrels of oil and 2.1 trillion cubic feet of gas.

The company plans to acquire new seismic data to assess the block’s development potential, aligning with its strategy to capitalize on oil and gas discoveries using its expertise in floating production systems.

Bumi Armada’s strategic move to focus on developing oil and gas fields in Indonesia includes a non-binding agreement with Pertamina International Shipping and Davenergy Mulia Perkasa to commercialize the Madura gas field and adjacent areas.

Indonesia aims to increase energy imports from the US by purchasing additional crude oil and liquefied petroleum gas, with deals valued at $10bn, as part of a broader strategy to balance trade and avoid significant tariffs on exports.

Read more: Bumi Armada’s subsidiary signs contract for Kojo block in Indonesia’s Makassar Strait