Malaysian floating production contractor Bumi Armada has finalised its debut in the upstream oil and gas sector by signing a production sharing contract for the Akia offshore exploration block in Kalimantan, Indonesia.
It is unusual for an oil and gas services company to participate in the high-risk, high-cost exploration and production segment, but Bumi signalled its intent last month when the Indonesian authorities announced it was a successful applicant in the country’s first 2023 licensing round.
