AWE Ltd announced that they are expecting bids from potential partners for the Ande Ande Lumut development project located in Indonesia. AWE Ltd said that the partnership would fund the development project with an estimated cost of US$600 million.
"A number of interested parties are doing due diligence," Bruce Clement, managing director of Sydney-based AWE said. "The interest is coming from mid-cap oil and gas companies with capable balance sheets and an Asian strategy."
Earlier this year, AWE Ltd enlisted Credit Suisse Group AG to find a possible partner in Indonesia as the company went out to look for other projects in Asia. AWE Ltd acquired two Indonesian oil blocks from Genting Bhd, which included Ande Ande Lumut. AWE mentioned that they are pushing back the venture decision for the Ande Ande Lumut project for next year due to delays in the contracting policies for the floating production vessel. AWE Ltd said that they expect to complete the partnership process by middle of the year and will decide on whether to continue the project or not.
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