Energi Mega Persada acquires CNOOC's stake in NWJS PSC
In December 2011, Indonesian independent Energi Mega Persada (EMP) announced the purchase of a 36.72% interest in the North West Java Sea PSC (ONWJ PSC) from CNOOC for US$212 million. The shallow-water PSC contains a vast complex of mature oil and gas fields, producing via more than 200 offshore structures and over a thousand kilometres of pipeline. The PSC is due to expire in 2017. Our valuation of the deal - at US$232 million (NPV10) - takes no account of a possible license extension, ...