Bumi Armada signs PSC for Akia block

PETALING JAYA: Bumi Armada Bhd has signed a production sharing contract (PSC) with the Energy and Mineral Resources Ministry of Indonesia for the Akia PSC in the Tarakan Basin, North Kalimantan Province.

In a filing with Bursa Malaysia, Bumi Armada said the Akia PSC covers an area of 8,394 sq km and contains the Aster and Tulip oil and gas discoveries.

“The water depth at the Tulip discovery is 800 m and Bumi Armada would provide and operate an floating production storage and offloading and a floating liquefied natural gas facility or gas pipeline for the development.”