Globaltec unit's Bontang Bengalon PSC terminated by Indonesian authorities

Globaltec unit's Bontang Bengalon PSC terminated by Indonesian authorities

The Edge Markets - Malaysia·2019-08-26 18:26

KUALA LUMPUR (Aug 26): The Bontang Bengalon production sharing contract (BB PSC), held by Globaltech Formation Bhd's subsidiary Nu Energy Gas Ltd, has been terminated by Indonesian authorities on grounds of non-discovery of coal bed methane after six years.

This comes after Nu Energy submitted a proposal to Indonesia's Minister of Energy and Mineral Resources for a contract amendment, according to the firm's statement filed with Bursa Malaysia by Globaltec.

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