The prospects for Indonesia’s Saka Energi appear to have improved based on the latest analysis from Moody’s Investors Service, which revised the troubled upstream player’s outlook from negative to stable.
The assets of troubled upstream player Saka Energi could be put up for sale as part of an effort to resolve the heavily indebted company’s financial predicament amid a tussle between Indonesia’s state-owned enterprises (SOEs).
Indonesia’s Saka Energi is pressing ahead with expansion projects at its Pangkah production sharing contract offshore East Java, Indonesia.
SKK Migas, Indonesia’s upstream regulator, expects Eni to takeover Chevron’s giant Indonesia Deepwater Development (IDD) during the first quarter 2021. If the move comes to pass, expect other potential buyers, that could include Pertamina, Sinopec, Neptune Energy and Saka Energi, to be in the new IDD mix.