Criterium Energy is advancing a three-asset oil and gas portfolio in Indonesia, with current production at Tungkal supported by development opportunities at Bulu and West Salawati.
The company’s largest current operating position is the Tungkal Production Sharing Contract in South Sumatra, where Criterium holds a 100% operated working interest. The contract runs to 2042, giving the company a long operating period in which to develop existing reserves and resources.
During 2025, the Mengoepeh and Pematang Lantih fields produced an average of 845 barrels of oil per day. Tungkal contains 2P reserves of 7.6 MMboe and 2C resources of 15.9 MMboe. The contract area also includes several discovered gas fields. SE-MGH tested at 8 mmcf/d, N-MGH at 2.5 mmcf/d and Macan Gedang at 5 mmcf/d. Cerah is another discovered gas field within the asset.
Criterium’s 2026 programme is focused on progressing the SE-MGH and N-MGH gas fields while pursuing further oil production opportunities. Planned activity includes workovers, infill development and secondary recovery methods such as waterflooding.
Criterium also holds a 42.5% non-operated working interest in the Bulu PSC, located in shallow water in the East Java Sea. The company is working with the operator and other joint venture participants on a revised development plan.
Progress at Bulu depends on agreement between the partners, making timing less directly controlled by Criterium than at its operated assets. However, the company sees the field’s proximity to existing infrastructure and markets as an important factor in its development potential. Its technical team continues to work with the operator on development and production planning.
The West Salawati PSC in West Papua provides another operated growth opportunity. Criterium holds a 100% interest in the asset, which includes producing fields alongside exploration prospects. Full operatorship gives Criterium direct control over development priorities, capital deployment and operational timing at West Salawati.
Criterium Energy Ltd (TSXV:CEQ) is Canadian-based upstream energy company focused on the aggregation and sustainable development of assets in Southeast Asia that can deliver scalable growth and cash flow generation.
