Our Businesses

Myanmar: Chauk and Yenangyaung Fields

In central Myanmar, we hold 60% participating interests in two of the largest onshore producing oil fields in Chauk and Yenangyaung under two Improved Petroleum Recovery Contracts (IPRCs) with the Myanma Oil and Gas Enterprise (MOGE). The IPRCs, which commenced on 4 October 1996 for a term of 20 years and 6 months, were subsequently extended for another term of 11 years. We manage the operatorship of the two fields jointly with a joint venture partner through Goldpetrol Joint Operating Company Inc. The adjacent Myanmar concessions, which extend over a total area of approximately 1,800 square kilometres along the Ayeyarwaddy River, are located approximately 580 kilometres north of Yangon.

Indonesia: Kuala Pambuang Block

Onshore Central Kalimantan, we have a 72.75% participating interest in an exploration block, namely the Kuala Pambuang (KP) Production Sharing Contract (PSC). The PSC with Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak Dan Gas Bumi (SKKMIGAS) was granted on 19 December 2011 with an initial exploration term of 6 years. It was subsequently extended for a further period of 4 years over an area of approximately 1,631 square kilometres. The exploration period, which was last extended further to 14 March 2025, has yet been formally extended. The KP block is located on the southern coast of Kalimantan, in the region 180 kilometres southwest of Palangkaraya.

West Kalimantan, Indonesia

On 28 May 2024, we entered into a non-binding memorandum of understanding with PT Mitra Investindo Tbk (MITI), a company listed on the Indonesia Stock Exchange, to establish a joint venture to develop, manage and operate silica concessions in Indonesia and to collaborate on silica-based downstream industries including and related to the manufacture of solar cells or solar panels and other associated businesses.

Recognizing the demand for materials that support the green economy, we advanced our prior memorandum of understanding with MITI and formalised joint venture and mandatory conversion loan agreements with the MITI group on 1 July 2025 for the purposes of developing three silica sand concession areas and silica-based downstream industry in Indonesia. The silica sands concessions are currently in the exploration stage. To further solidify our alignment with this silica project, we also acquired a 1.49% long-term equity stake in MITI on 10 November 2025.