Report summaryThe Masela PSC contains the giant Abadi gas field, located in the Timor Sea. The field was discovered by INPEX in 2000. Appraisal drilling in 2007-2008 and 2013-2014 has confirmed total recoverable reserve estimates in the region of 22 tcf of gas. In April 2015, the partners submitted a PoD for a 7.5 mmtpa FLNG development concept. In March 2016, the Indonesian government rejected the FLNG concept in favour of an onshore LNG development, on the basis that onshore development would bring greater benefit to local communities and enable a higher local content. Given the number of uncertainties surrounding the development of Abadi, we believe it is unlikely that FID can be achieved before 2020, or first LNG production before 2026.
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