How Finder Energy’s Petrojarl I Acquisition Accelerates KTJ Project Progress
Finder Energy has completed the acquisition of the Petrojarl I FPSO, gaining full control of vital infrastructure for the Kuda Tasi and Jahal project and setting the stage for a Final Investment Decision by mid-2026.
- Acquisition of Petrojarl I FPSO completed
- Full ownership reduces KTJ Project execution risks
- Contracts signed for FEED, conversion, and operations
- FPSO integration expected to lower lifecycle costs
- Final Investment Decision targeted for mid-2026
Strategic Acquisition Completed
Finder Energy Holdings Limited (ASX, FDR) has officially completed the acquisition of the Petrojarl I Floating Production Storage and Offloading (FPSO) vessel from Amplus Energy. This milestone secures full ownership of a critical asset for the Kuda Tasi and Jahal (KTJ) oil fields development, marking a significant step forward in the project’s execution pathway.
Previously, uncertainties around FPSO availability, commercial terms, and delivery timing posed risks to the KTJ Project. By bringing the Petrojarl I under its direct control through its subsidiary Jarl Marine Limited, Finder Energy materially de-risks the project and gains enhanced flexibility in managing the vessel’s deployment and operations.
Advancing Engineering and Operational Readiness
Alongside the acquisition, Finder has entered into key contracts with Amplus Energy covering Front-End Engineering Design (FEED), Conversion and Improvement Management (CIMC), and an Operations and Maintenance (O&M) Framework Agreement. These agreements outline the technical and commercial roadmap from engineering through to steady-state operations, ensuring a structured approach to integrating the FPSO into the KTJ Project.
The Petrojarl I is currently in warm-stack lay-up at a shipyard in the Canary Islands, undergoing surveys and engineering assessments. Early integration of the FPSO into FEED is expected to optimise subsea and topside systems, commissioning, and mooring arrangements, which should accelerate the overall development schedule.
Economic and Strategic Benefits
Ownership of the FPSO is anticipated to deliver material strategic and economic benefits, including lower lifecycle operating costs and improved project economics. This control also provides Finder with greater flexibility for future development opportunities within the KTJ fields.
Finder Energy is targeting a Final Investment Decision (FID) by mid-2026, with ongoing regulatory engagement with the Autoridade Nacional do Petróleo (ANP) in Timor-Leste being a key condition precedent for contract effectiveness and project advancement.
Looking Ahead
With the FPSO acquisition now complete and critical contracts in place, Finder Energy is well positioned to progress the KTJ Project through its next phases. The company’s focus will be on finalising FEED deliverables, advancing conversion works, and negotiating definitive operations and maintenance agreements to support the project’s fast-track development.
Bottom Line?
Finder’s FPSO acquisition sets a clear course toward mid-2026 FID, but regulatory approvals remain a pivotal hurdle.
Questions in the middle?
- When will the Autoridade Nacional do Petróleo grant the necessary project approvals?
- What are the detailed capital expenditure implications following FPSO acquisition?
- How will integration of the Petrojarl I impact the KTJ Project’s overall timeline and cost structure?
