Indonesia - Company landscape
(Originally published on January 27, 2025)
In this second article, I will take a look upstream company landscape in Indonesia, starting with a quick review of the M&A deals in 2024 and then going through the companies that are currently involved.
2024 M&A summary
After some big deals in 2023, this year has been quiet for M&A in Indonesia, with only a single new deal announced.
- In early October, Energy World Corporation (EWC) announced that they had signed an SPA with Energi Mega Persada (EMP) for the latter to acquire EWC's 51% operated stake in the Sengkang PSC that is located onshore South Sulawesi. The deal is for US $35 million and completion was announced in late October. EMP now hold 100% interest in the Sengkang PSC.
Apart from this, we still have some uncertainty around Criterium Energy's deal to divest their interest in the Bulu PSC. Here, we are awaiting the buyer details as well as news that payment milestones have been hit.
Company commentary and analysis
I have expanded the number of companies covered from last year and included production data (working interest production to 2024 H1) for all of those companies covered.
As can be seen from the chart, the working interest production attributed to these companies has decreased over the years. The impact has been much more pronounced on oil production than gas production, with Pertamina being the biggest winner. We have also seen entities owned by the regional governments (BUMDs) taking a greater role, but generally as a minority partner (up to 10%).
