Criterium Energy

What Criterium Energy does

Criterium Energy Ltd. is a privately held oil and gas development and production company headquartered in Calgary, Canada, with operational focus in Indonesia through three Production Sharing Contracts (PSCs): Tungkal PSC (100% operated, South Sumatra, term to 2042), Bulu PSC (42.5% non-operated, East Java), and West Salawati PSC (100% operated, West Papua). The company's revenue base is currently anchored by oil production from the Mengoepeh (MGH) and Pematang Lantih (PLT) fields in the Tungkal PSC, averaging 689-845 bbl/d in recent quarters, sold under premium Brent-linked pricing that reached US$121/bbl in April 2026.

The company's core technology is conventional upstream oil and gas — subsurface reservoir evaluation (Sproule ERCE-certified 2P reserves of 7.6 MMboe and 2C resources of 15.9 MMboe), waterflood secondary recovery on mature fields, and gas field development with pipeline construction. Its strategic pivot toward gas is anchored by discovered fields within Tungkal (SE-MGH tested at 8 mmcf/d, N-MGH at 2.5 mmcf/d, plus Macan Gedang and Cerah), with first gas from SE-MGH targeted for Q3 2026 and expected to add 5-8 mmcf/d of production, potentially doubling total output.

Criterium's business model is commodity production sales under transaction-based pricing: oil sold at premium Brent-linked pricing to enterprise offtake buyers, and gas to be sold under long-term Gas Sales Agreement with state-owned PT Perusahaan Gas Negara (PGN). The company's primary customers and counterparties are NOCs/IOCs (PGN, Pertamina, Petronas) and Indonesian regulators (MEMR). The company reports analyst coverage by Auctus Advisors and Research Capital, indicating institutional investor engagement despite its private status. As of Q1 2026, the company reported a C$2.6M net loss and C$57.1M working capital deficit, with US$3.5M cash flow from operations for FY2025.

Name

Criterium Energy

Legal name

Criterium Energy Ltd.

Website

https://criteriumenergy.com

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Criterium Energy is a privately held Canadian upstream oil and gas company operating three Indonesian Production Sharing Contracts (Tungkal, Bulu, West Salawati), producing light crude oil from the Tungkal PSC and developing discovered gas fields for sale to state-owned PGN beginning in 2026.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration and Production

NAICS

Crude Petroleum Extraction (21112)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Gas-to-Power Project Development (IPP/CPP, Permitting, Financing) (EUALALAC)

akta.pro secondary industry

Gas Processing & NGL Recovery (Dehydration, Sweetening, Cryogenic Recovery) (EUALAGAG)

Keywords

• Oil and gas production
• Production sharing contracts
• Upstream energy development
• Natural gas development
• Hydrocarbon exploration

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Oil Production Sales: Sale of crude oil production from Tungkal PSC (MGH and PLT fields) at premium Brent-linked pricing. Q1 2026 production averaged 689 bbl/d with premium pricing of US$121/bbl achieved in April 2026, representing 52% increase from Q1 average.
2. Gas Production Sales: Long-term gas sales agreements with state-owned PT Perusahaan Gas Negara (PGN) for gas from SE-MGH and N-MGH developments. Expected first gas to add 5-8 mmcf/d production in 2026, potentially doubling company output.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels7 records

Core offering

Criterium Energy acquires, develops, and produces oil and gas assets under Production Sharing Contracts (PSCs) in Indonesia. The company operates the Tungkal PSC (100%, South Sumatra) producing crude oil from the MGH and PLT fields under Brent-linked pricing, and is developing multiple gas discoveries (SE-MGH, N-MGH, Macan Gedang, Cerah) for sale under long-term gas agreements with PT Perusahaan Gas Negara. It also holds non-operated interests in Bulu PSC (East Java) and West Salawati PSC (West Papua).

Product overview

Criterium Energy is an oil and gas development and production company operating three Production Sharing Contracts in Indonesia: Tungkal PSC (100% operated, South Sumatra), Bulu PSC (42.5% non-operated, East Java), and West Salawati PSC (100% operated, West Papua). The company's portfolio includes producing oil fields (MGH and PLT in Tungkal) and multiple discovered gas fields (SE-MGH, N-MGH, Macan Gedang, and Cerah). The core business focuses on developing gas discoveries in Tungkal PSC, particularly the SE-MGH and N-MGH fields, while maintaining stable oil production. Gas development projects are integrated with pipeline infrastructure and long-term gas sales agreements with state-owned PT Perusahaan Gas Negara.

Differentiator

Problem solved

Functional benefit

Products and services

• Tungkal PSC 100%-operated Production Sharing Contract in South Sumatra, Indonesia, expiring in 2042. Currently produces light crude oil from the Mengoepeh (MGH) and Pematang Lantih (PLT) fields at approximately 689-845 bbl/d with premium Brent-linked pricing; contains the company's primary gas development runway with 2P reserves of 7.6 MMboe and 2C resources of 15.9 MMboe.
• Bulu PSC 42.5% non-operated working interest in an offshore block in the shallow waters of the East Java Sea, Indonesia. The asset benefits from proximity to existing infrastructure and markets and is under a revised development plan aligned with joint venture partners, with commercial production extended to September 2028 by MEMR.
• West Salawati PSC 100%-operated Production Sharing Contract in the Bird's Head region of West Papua, Indonesia. Combines producing fields and exploration prospects to provide near-term production growth opportunities alongside longer-term value creation through new discoveries.
• SE-MGH Gas Field Discovered gas field within Tungkal PSC, tested at 8 mmcf/d with identified upside potential of 338%. First gas production targeted for Q3 2026, expected to add 5-8 mmcf/d and potentially double total company output. Pipeline construction underway with binding contract signed January 30, 2026 and reassigned to PT Olindo in May 2026.
• N-MGH Gas Field Discovered gas field within Tungkal PSC, tested at 2.5 mmcf/d. Part of the company's gas development strategy alongside SE-MGH, also covered under the Gas Sales Agreement with PT Perusahaan Gas Negara.
• Macan Gedang Gas Field Discovered gas field within Tungkal PSC, tested at 5 mmcf/d. Site preparations commenced for development in 2026 as part of the broader Tungkal gas development portfolio.
• Cerah Gas Field Discovered gas field within Tungkal PSC. Site preparations commenced for development in 2026 as part of the broader Tungkal gas development portfolio.

Quantifiable outcome

• 70% growth in 2P reserves to 7.7 mmboe
• +3 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered minor, core and flagship.

• EY Canada LLPminorOthers · 16 June 2026Re-appointed as auditors for Criterium Energy Ltd. at the Annual General Meeting held June 16, 2026. Provides annual audit and assurance services.
• PT Dredolf IndonesiacoreImplementation/ SI/ Consulting Partner · 30 January 2026Binding pipeline contract signed with PT Dredolf Indonesia on January 30, 2026 for the SE-MGH gas development project in the Tungkal PSC. The contract was later reassigned to PT Olindo.
• PT OlindocoreImplementation/ SI/ Consulting Partner · 1 January 2026SE-MGH pipeline construction contract was reassigned to PT Olindo following delays with the previous contractor. PT Olindo assumed responsibility for completing pipeline construction for the Southeast Mengoepeh gas development project.
• PT Perusahaan Gas Negara (PGN)flagshipStrategic or Co-development Partner · 1 January 2026Key terms agreed for a Gas Sales Agreement with state-owned PT Perusahaan Gas Negara (PGN). This is a long-term gas sales agreement that will monetize gas production from the SE-MGH and N-MGH fields, expected to add 5-8 mmcf/d production in 2026.
• Bulu PSC Joint Venture PartnerscoreStrategic or Co-development Partner · 1 January 202642.5% non-operated working interest in Bulu PSC located offshore in East Java Sea. The company is actively seeking to align joint venture partners on a revised development plan. Benefits from proximity to existing infrastructure and markets.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Baron Oil: UK-listed (AIM) small-cap E&P with upstream interests in Southeast Asia. Comparable to Criterium as a sub-scale E&P pursuing development-led production growth in the region.
• Energi Mega Persada (EMP): Indonesia-listed upstream E&P focused on oil and gas assets across Indonesia, including operated and non-operated PSC interests. Comparable to Criterium in scale, geographic focus, and PSC-driven revenue model.
• Medco Energi Internasional: Indonesia-listed integrated upstream E&P operating multiple PSCs across Indonesia and Southeast Asia, with a mix of oil and gas production. Directly comparable to Criterium in terms of PSC-based business model, Indonesian asset base, and gas-to-power exposure via domestic offtake.
• Rex International Holding: Singapore-listed small-cap E&P with interests across Southeast Asia and the Middle East using proprietary reservoir screening technology. Comparable to Criterium in sub-scale, multi-country upstream profile with Asia-Pacific focus.
• Jadestone Energy: Singapore/Australia-listed small-cap E&P with producing oil and gas assets across Southeast Asia and Australia. Comparable to Criterium as a small-cap Asia-Pacific E&P with PSC or production-sharing structures and a similar growth-via-development profile.
• Star Energy: Indonesia-based upstream operator with producing oil and gas assets and PSC interests, including geothermal operations. Directly comparable as a Southeast Asia-focused E&P using PSC structures and selling gas into the Indonesian domestic market.
• Tomori Energy: Smaller Indonesia-focused upstream E&P with PSC interests, particularly in gas-weighted assets. Comparable to Criterium in sub-scale Indonesian upstream profile and PSC-driven operations.
• Saka Energi Indonesia: Pertamina subsidiary operating upstream oil and gas PSCs across Indonesia. Comparable in PSC structure, Indonesian offtake channels (including PGN), and gas development focus with Criterium.
• Coro Energy: UK-listed (AQSE/AIM) small-cap E&P with Southeast Asian gas-weighted assets. Comparable to Criterium in size, regional focus, and reliance on near-term gas development to drive growth.

Broad incumbents

• Harbour Energy: UK-listed mid-cap E&P formed from the merger of Premier Oil and Chrysaor, with a diversified portfolio across the UK, Indonesia, Vietnam, and Mexico. Comparable as a broader incumbent with Southeast Asian PSC exposure, though operating at materially larger scale than Criterium.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/criteriumenergy
• YouTubeyoutube.com/@CriteriumEnergyCEQV
• LinkedInlinkedin.com/company/criterium-energy
• Instagraminstagram.com/criteriumenergyceqv

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Criterium Energy