UK independent EnQuest has finalized key terms for a 50:50 joint venture with Brunei Exploration to assume operatorship of Block C offshore Brunei Darussalam. The joint venture company is expected to be formally incorporated in the third quarter of this year.

Development Plan and Targets

The primary focus of the joint venture will be finalizing the development plan for the Merpati field, which is the first field slated for exploitation within Block C. The target is to achieve net gas production of 15,000 barrels of oil equivalent per day from Merpati starting in 2029, with a final investment decision aimed for 2027.

Asset Overview and Market

Block C, governed by a production sharing agreement, contains the discovered Merpati, Juragan, and Meragi fields, all of which are condensate-rich gas fields. The produced gas and liquids from these fields are intended for both the domestic market in Brunei and the Brunei LNG plant, which supplies international customers, particularly in North Asia.

Strategic Commitment

At the time of the production sharing agreement award, the company expressed excitement about entering Brunei Darussalam and committed to leveraging its experienced workforce and operational capabilities to deliver the project safely and efficiently. The company also indicated eagerness to explore further opportunities within the country.