Indonesia Energy Corporation Limited is an oil and gas exploration and production company focused on Indonesia. The company holds rights to one producing block and one exploration block and seeks to develop profitable energy resources while maintaining high standards for ethics safety and corporate social responsibility.
The company generates revenue primarily from the sale of crude oil produced at its Kruh Block to Pertamina the Indonesian state owned oil and gas company…
Indonesia Energy Corporation Limited is an oil and gas exploration and production company focused on Indonesia. The company holds rights to one producing block and one exploration block and seeks to develop profitable energy resources while maintaining high standards for ethics safety and corporate social responsibility.
The company generates revenue primarily from the sale of crude oil produced at its Kruh Block to Pertamina the Indonesian state owned oil and gas company under the joint operation partnership. It also anticipates future revenue from natural gas sales once the Citarum Block moves into production.
The company operates through the following segments.
- Kruh Block is a producing asset located in South Sumatra covering 258 square kilometres with three developed oil fields and five undeveloped structures operated by PT Green World Nusantara under an amended joint operation partnership with Pertamina that provides a 35 percent after tax profit split and a 100 percent cost recovery cap and runs until September 2035.
- Citarum Block is an exploration asset situated in West Java spanning 3 924 square kilometres that operates under a gross split production sharing contract with a 43 percent base split for oil and a 48 percent base split for gas and is positioned near Jakarta to reduce logistical risks.
Indonesia Energy Corporation Limited holds a niche position in the Indonesian upstream oil and gas sector by targeting medium sized blocks that are often overlooked by larger competitors such as Pertamina and major international oil and gas companies. Its competitive strengths include an experienced management team with extensive petroleum expertise established relationships with government and industry partners a significant knowledge network and strategically located assets near major infrastructure and population centers.
The company sells its crude oil production to Pertamina the Indonesian state owned oil and gas company. No other specific customer names are disclosed in the filing.