UAE – Mubasher: Mubadala Petroleum announced the completion of an agreement to farmout a 20% participating interest in the Andaman I and South Andaman blocks in Indonesia to the UK’s Premier Oil following the approval of the Indonesian government.

Under the agreement, Mubadala Petroleum will hold an 80% participating interest in the two fields, while the remaining share will be owned by Premier Oil.

It is noteworthy to mention that Mubadala Petroleum, a wholly-owned subsidiary of Mubadala Investment Company, is also a partner with a 30% participating interest in the Andaman II block, which is operated by Premier Oil.