- Business
- Criterium Energy Ltd. is a Canada-based independent upstream oil and natural gas development and production company focused on Indonesia and broader Southeast Asia. The Company acquires, explores for, appraises, develops, produces and markets crude oil and natural gas; its activities include operating oil production, developing natural-gas discoveries, drilling and completion operations, field and facilities development, production optimization, reservoir evaluation, gas processing and transportation arrangements, and the sale of oil and natural gas. Criterium’s principal assets comprise a 100% operated interest in the producing Tungkal Production Sharing Contract (PSC) in south-central Sumatra, a 100% operated interest in the West Salawati PSC in West Papua, and a 42.5% non-operated interest in the Bulu PSC in Indonesia. Operations are primarily oriented toward oil production and natural-gas development in the Tungkal and Bulu PSCs, with the Company pursuing growth through acquisitions of producing assets and development and optimization opportunities across Southeast Asia. The Company conducts its international operations through subsidiaries located in, among other jurisdictions, Bermuda, the British Virgin Islands, Cyprus, Singapore and New Zealand, including Mont D’Or Oil Tungkal Limited, which holds interests associated with the Tungkal operations. Criterium Energy Ltd. was incorporated in Alberta, Canada, changed its name from Softrock Minerals Ltd. in September 2022, and is headquartered in Calgary, Alberta. In 2024, the Company acquired Mont D’Or Petroleum Limited, adding two onshore Indonesian PSCs to its portfolio. More recently, Criterium has prioritized the development of the SE-MGH and N-MGH gas projects and the Macan Gedang and Cerah gas discoveries within the Tungkal PSC. In August 2026, Mont D’Or Oil Tungkal Limited entered into a definitive long-term gas sales agreement with PT Perusahaan Gas Negara Tbk, securing offtake for Tungkal gas production at fixed long-term pricing; at that time, the SE-MGH development was approximately 85% complete and targeted first gas in September 2026.