Singapore-based oil and gas firm Jadestone Energy has withdrawn from Bone production sharing contract (PSC), offshore Indonesia.
The company said the withdrawal is in line with its new focus on increasing value through production and development instead of long dated, frontier exploration.
Jadestone Energy's subsidiary Mitra Energy (Indonesia Bone) operates Bone PSC with a 60% working interest. The remaining 40% interest is held by Azimuth Indonesia.
An agreement has been reached to transfer the 60% working interest and operatorship to Azimuth, subject to government approval.
Jadestone Energy executive chairman Paul Blakeley said: “This withdrawal is at no cost to the company as we continue to re-shape the portfolio.
"The new management team’s efforts to achieve a balanced portfolio of production and development assets with additional growth from low risk exploration has already shown substantial results in our first nine months.”
Jadestone recently acquired 50% interest in the producing Ogan Komering PSC in Indonesia and the company is now palnning to complete the purchase of interest in two appraised gas fields offshore Vietnam in the Nam Con Son basin and plans to bring them on-stream in late 2019.
The company is also planning to further develop its existing assets in Vietnam’s Malay Basin, the Nam Du and U Minh gas fields.
In last November, Jadestone Energy acquired 100% operating interest in the Stag oil field in Australia from Quadrant Energy and Santos.
The company also acquired 50% participating interest in the Ogan Komering PSC in Indonesia from Repsol. It is the first production for Jadestone in Southeast Asia.