Energi Mega Persada is a Bakrie-group Indonesian upstream oil and gas producer listed on the IDX (ticker ENRG), operating a gas-weighted portfolio of production-sharing contracts including the flagship offshore East Java Kangean block plus Bentu, Malacca Strait and Korinci-Baru in Sumatra. FY2025 delivered revenue of ~US$0.50bn, EBITDA of ~US$0.23bn and net income of ~US$0.09bn on production of roughly 48 mboe/d that is ~80%+ natural gas sold largely into domestic Indonesian markets. It is not a US SEC filer, so no standardized measure (nav.sm) is available.
The equity is dominated by governance and balance-sheet considerations rather than pure resource value: the company is controlled by the Bakrie group, which carries a track record of related-party transactions, aggressive leverage and prior debt restructurings. FY2025 gross debt of ~US$0.43bn (net debt ~US$0.37bn) against total equity of ~US$0.82bn is manageable but must be weighed against limited reserve transparency, single-country concentration and exposure to Indonesian domestic gas pricing and PSC extension/cost-recovery terms. No dividend is paid; value hinges on domestic gas demand, PSC economics and governance discipline.
Its EV/EBITDA of 11.9x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 1.0% is lower than the 6.5% median, and at $18.20/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Energi Mega Persada scores 26/100, strongest on asset quality (29/100). Sub-scores: value 20, quality 29, growth 28, risk 71 (higher = riskier).
Energi Mega Persada holds approximately 0.15 billion boe of proved (1P) reserves with FY2025 production of about 54 thousand boe/d (15% liquids), a reserve life of roughly 7.6 years. Break-even: ~$40 (Brent FCF breakeven) — Predominantly gas revenue under domestic Indonesian PSC sales contracts, so cash generation is driven more by contracted gas prices than Brent; corporate FCF breakeven is estimated around US$40/bbl Brent-equivalent, with leverage and PSC cost-recovery terms the key swing factors.
For Energi Mega Persada, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Indonesia | 100% | 51 | Gross-split PSCs, resource nationalism, declining oil output. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Kangean PSC | Indonesia | Gas | Flagship offshore East Java gas block (Terang-Sirasun-Batur); core of production and reserves |
| Bentu PSC | Indonesia | Gas | Onshore Central Sumatra gas block supplying domestic/industrial buyers |
| Malacca Strait PSC | Indonesia | Oil + Gas | Mature offshore/onshore Sumatra block with oil and gas output |
| Korinci-Baru PSC | Indonesia | Gas | Onshore Sumatra gas block feeding domestic gas market |
| Domestic gas sales contracts | Indonesia | Gas marketing | Long-term PLN/industrial gas sales agreements underpinning contracted cash flows |
| Bakrie-group affiliation | Indonesia | Governance | Controlled by the Bakrie group; related-party transaction and leverage risk |
| PSC portfolio (upstream) | Indonesia | Upstream E&P | ~100% Indonesian upstream production-sharing contracts, gas-weighted |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 45 | 42 | 44 | 46 | 54 |
| Proved reserves (bnboe) | 0.22 | 0.21 | 0.20 | 0.20 | 0.15 |
| Revenue ($bn) | 0.4 | 0.5 | 0.4 | 0.5 | 0.5 |
| EBITDA ($bn) | 0.4 | 0.4 | 0.2 | 0.2 | 0.2 |
| Net income ($bn) | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 |
| Free cash flow ($bn) | 0.0 | 0.1 | 0.0 | -0.1 | 0.0 |
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✓ FY2025 figures verified against primary sources:
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