Jadestone says Akatara gas project in Indonesia 55% complete

Southeast Asia-focused Jadestone Energy on August 31 said that Akatara development project onshore Indonesia is 55% complete and remains on track to produce the first gas in the first half of 2024.

“The Akatara development continues to make good progress, and remains on budget and schedule for first gas in H1 2024. The project is currently about 55% complete,” the company said.

The Lemang production sharing contract contains the Akatara gas field development, which reached a final investment decision in June 2022. The field has been independently estimated to contain 18.7mn barrels of oil equivalent of gross 2C resource. continues to demonstrate significant progress.

Late last year, Jadestone completed the acquisition of the remaining 10% interest in the Lemang production sharing contract.

The project will supply gas to local gas-fired power plants while the condensate and LPG will be sold for local residential use. In 2021, Jadestone reached an agreement to sell gas from the Akatara gas field to local utility Pelayanan Listrik Nasional Batam, which has committed to take 20.5bn Btu/day of gas.