Criterium Energy is building an oil and gas business in Indonesia around producing assets and defined development opportunities. The company’s portfolio includes the Tungkal, Bulu and West Salawati production-sharing contracts, giving it a mix of current operations and future project potential.
Tungkal is the core asset. Criterium holds a 100 per cent operated working interest, which gives the company direct control over operating plans, capital allocation and development timing. The contract runs until 2042 under Indonesia’s gross split framework.
The asset already produces oil and also contains additional oil and gas opportunities. This gives Criterium an operating base while allowing management to assess further development in line with technical results, funding capacity and expected returns. Full ownership increases control, but it also means the company carries the full cost and execution risk.
The Bulu production-sharing contract adds offshore exposure. It gives Criterium access to another development opportunity within Indonesia, while also introducing the longer timelines and higher capital demands often associated with offshore projects.
West Salawati expands the portfolio further. Located in the Bird’s Head region of West Papua, the asset provides additional exposure to an established oil and gas area. It also gives Criterium another project to rank against Tungkal and Bulu based on technical readiness, cost and commercial potential.
By concentrating on Indonesia, Criterium can apply regional knowledge across a limited number of assets and maintain closer control over regulatory, operational and stakeholder relationships.
