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NuEnergy Gas' Indonesia Development Designated as National Strategic Project; Shares Down 7%

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NuEnergy Gas (ASX:NGY) said Indonesia's government designated the Tanjung Enim production sharing contract as a national strategic project, according to a Monday filing with the Australian bourse.

The designation is expected to boost the effectiveness of coordination in areas including land access, permitting, and supporting infrastructure, and may help reduce project execution risks while improving schedule visibility, per the filing.

The project aims to contribute to Indonesia's energy security by increasing domestic gas supply and diversifying the country's energy mix through the development of its coal bed methane resources, NuEnergy Gas said.

The company's shares fell 7% in recent Monday trade.

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