Bukit Energy Inc. (“Bukit”) is a private Alberta, Canada, corporation pursuing conventional production opportunities in Indonesia and is a leader in the emerging unconventional tight resource plays. The Bukit executive team has a broad knowledge of Southeast Asian (SEA) petroleum basins and has been directly involved in the discovery, development and production of fields in Indonesia and the greater SEA region since the 1980′s. Importantly, Bukit has a strategic network of both major and local company contacts, as well as long-term working relationships with government agencies in the region.
In Indonesia Bukit is focused on the island of Sumatra with its large proven basins that have produced 20 billion boe and still produce more than 1 million boe per day. Sumatra has existing oil and gas infrastructure connecting it to multiple domestic and foreign markets (e.g. Singapore and Jakarta) and yields some of the highest pipeline gas prices in the world. A foundation of Bukit’s strategy is that production performance in the majority of Sumatran basins can be significantly enhanced through the application of drilling, operating, and completion methods currently employed in North America.
Bukit has successfully achieved its original goal of establishing a material acreage position. It presently has equity in four Production Sharing Contracts (“PSC”) covering 0.54 million net acres. The Kisaran PSC has an oil and gas discovery which has been appraised and is expected to yield first oil in 2020.
The unconventional oil and gas business is emerging in Indonesia. The Indonesian government confirmed their intention to support and stimulate this business by announcing unconventional PSC terms that contain the best ever contractor-take offered in Indonesia. Bukit has spent three years completing geological studies to determine the optimal basins for unconventional pursuit. On June 19, 2014, Bukit, with its consortium partners, was awarded the first industry unconventional PSC for the MNK Kisaran block, a block aligned with the consortium’s conventional Kisaran PSC. On March 18, 2015, Bukit was awarded two more unconventional PSCs for Palmerah and Sakakemang areas in the highly productive Jambi region, South Sumatra Basin. The MNK Sakakemang PSC is offset by major oil and gas fields and lies at the nexus of the gas and oil export infrastructure in South Sumatra. Bukit will operate this PSC on behalf of Pertamina, the Indonesia national energy company.
On May 22, 2015, Bukit officially signed all three MNK blocks, and now holds 0.5 million net acres of prospective unconventional land.
Bukit has an operating office in Jakarta, Indonesia and a corporate office in Calgary, Canada.