KUALA LUMPUR (Dec 4): Globaltec Formation Bhd has clarified that its 32%-owned subsidiary NuEnergy Gas Ltd is not abandoning its natural gas exploration in Indonesia. 

However, it noted NuEnergy and Indonesian regulator SKK Migas have 'amicably agreed' to relinquish the Rengat Production Sharing Contract (PSC) in Central Sumatra, as the contract is completed. 

In a filing with Bursa Malaysia this morning, Globaltec said it was correcting an inaccurate title of an article published in an online news portal entitled "Poor exploration results — Globaltec abandons natural gas exploration in Indonesia". 

In the filing, Globaltec said NuEnergy remains committed to delivering Indonesia’s first coal bed methane supply from its Tanjung Enim PSC in South Sumatra.

"This is in line with our strategic focus on our four South Sumatra PSCs (Tanjung Enim PSC, Muara Enim PSC, Muara Enim II PSC and Muralim PSC), which are located adjacent to each other, to develop and operate a large coal bed methane supply and to better utilise the group’s current resources to bring these South Sumatra PSCs to development/production," Globaltec added. 

NuEnergy is an independent clean energy company that focuses on the development of unconventional gas assets in Indonesia, specifically coal bed methane. 

Besides the PSCs in South Sumatra and Central Sumatra, NuEnergy also holds another onshore coal bed methane PSC in East Kalimantan, its Bontang Bengalon PSC.