Criterium Energy Lands Long-Term Gas Sales Deal with Indonesia's PGN
Criterium Energy Ltd., a Calgary-based company listed on the TSXV under the ticker CEQ, has signed a Gas Sales Agreement with PT Perusahaan Gas Negara Tbk (PGN), Indonesia's largest natural gas transportation and distribution company.
The agreement provides for long-term contracted market for gas production through 2040, including a take-or-pay commitment with fixed pricing. The specific volumes and pricing terms remain confidential under the agreement, but Criterium stated that the contracted gas price aligns with recent domestic Indonesian gas sales agreements.
This deal supports production from the Southeast Mengoepeh gas development, which is approximately 85% complete. The project involves construction of a 25-kilometer pipeline connecting the SE-MGH field to existing processing facilities. Criterium targets first gas in September 2026 with anticipated initial production of 5-8 million cubic feet per day.