Australia's EWC signs pact for Sengkang PSC
Sydney-listed Energy World Corporation (EWC) has signed a joint operation agreement with an Indonesian partner for the Sengkang production sharing contract (PSC), it said on July 7.
In November 2018, EWC entered into deeds of assignment by which its local partner Energi Maju Abadi (EMA) has taken a 49% interest in the Sengkang PSC. EWC retains a 51% interest. EMA is a privately owned upstream oil and gas exploration and production company with a focus on Sengkang PSC.
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These arrangements have been fully approved by Indonesia’s minister of energy and mineral resources, EWC said. The companies intend to adjust the partnership to 50:50 in the future.
The Sengkang PSC comprises a number of gas fields in southern Sulawesi, with the project touted as the first integrated private gas and power development in Indonesia.