Cue says FID on Paus Biru gas project likely this year
Sydney-listed oil and gas producer Cue Energy on February 23 said the final investment decision (FID) on the Paus Biru gas development in Indonesia is expected during 2022.
“The Paus Biru gas development in the Sampang PSC, Indonesia, is expected to reach FID in the September quarter after current commercial discussions and are finalised,” the company said.
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Cue had received notification of the approval of the Paus Biru plan of development from Indonesia regulator SKKMigas in 2020. The company holds a 15% interest in the Sampang PSC, which also contains the producing Oyong and Wortel gas fields.
Meanwhile, Cue reported a profit of A$8.2mn ($6mn) in the six months to December 31 (H1) as against a loss of A$14.8mn in the previous year.
The improved performance was mainly attributable to a A$3.4mn profit on A$6.5mn in revenue generated from the Mahato project in Indonesia, which went into production in the previous financial year. The Maari operations in New Zealand also boosted the performance, the company said.