Jakarta, INTI - A Bakrie Group listed company, PT Energi Mega Persada Tbk (ENRG), has announced the discovery of a new oil field through its subsidiary, PT Imbang Tata Alam (ITA), at an exploration well located in the Malacca Strait Working Area, Riau. The discovery is regarded as a significant milestone for the company in supporting the sustainability of Indonesia’s national oil production.
ENRG President Director Syailendra S. Bakrie stated that initial evaluations indicate the presence of a productive layer within the Upper Sihapas Formation, with an estimated net pay thickness of around 80 feet. Flow tests recorded an oil production rate of 350 barrels per day, reflecting strong reservoir quality and stable flow potential.
He further explained that, from a geological perspective, the discovery is interpreted as a stratigraphic trap, opening up opportunities for further exploration aimed at developing new oil resources and reserves for ENRG.
“EMP reaffirms its commitment to carrying out sustainable exploration and development activities to create added value for all stakeholders,” Syailendra said in an official statement, as quoted on Tuesday, January 27, 2026.
ENRG Vice President Director, Edoardus Ardianto stated that the initial estimate of Original Oil in Place (OOIP) from the discovery is projected to reach approximately 31 million barrels of oil. The company also sees additional production potential of 1,000–1,500 barrels of oil per day through a development plan involving the drilling of six development wells.
Based on seismic response evaluations, the new oil field is estimated to potentially hold over 76 million barrels of oil, according to the assessment. ENRG is also planning its next exploration campaign.
Edoardus stated that going forward, ITA will collaborate with SKK Migas to continue technical studies aimed at finalizing the development concept for the MSTB-NW structure while identifying additional exploration opportunities in the surrounding area.
Rp 4 Trillion Jumbo Bond
ENRG has recently launched the Sustainable Public Offering (PUB) of its First Phase 2025 Sustainable Bonds, targeting funds of up to Rp 4 trillion. In the first phase, the company offered bonds with a maximum principal of Rp 500 billion.
ENRG Investor Relations Herwin W. Hidayat explained that the proceeds from the bond issuance will be used for debt repayment as well as the company’s working capital needs. “Through the PUB I scheme, ENRG has the capacity to raise up to Rp 4 trillion,” he said at a press conference in Jakarta on Monday, January 12, 2026.
The company also expressed its intention to acquire several new oil and gas (upstream) blocks both domestically and abroad. A budget of Rp 3.3 trillion is part of a total US$ 1.4 billion (approximately Rp 23 trillion) allocation planned for 2025–2035. Funds will be used to support ENRG’s business activities, including drilling 30 exploration wells, around 130 development wells, and maintenance CAPEX for 106 wells to maintain production levels until 2030.
He explained that the long-term plan aligns with the 2026 roadmap, which emphasizes the development of existing oil and gas assets through a combination of exploration and development.
“Our current production is around 50 thousand barrels of oil equivalent per day. The hope is to double this organically by 2030,” he said.
In addition to organic growth, ENRG is also open to inorganic expansion through the acquisition of producing oil and gas assets. However, Edoardus emphasized that the fund allocation for acquisitions cannot be determined precisely, as the value of each asset varies significantly. He added that the company targets production growth next year.
“We expect an increase of around 10% year on year, which will also have a positive impact on revenue,” he said.
Conclusion
ENRG is actively advancing both organic and inorganic growth strategies, leveraging new discoveries, ongoing exploration, and potential acquisitions. Supported by bond funding and a clear 2026 roadmap, the company aims to double its oil production by 2030 while maintaining sustainable development of existing and new oil and gas assets.
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