Banua Petroleum Company holds 20 years of Production Sharing Contract (PSC) to manage Oil and gas field in East Borneo field by Government. The field has been producing hydrocarbons (Natural Gas, Oil and Condensate) for over than 50 years and in its declining phase. By nature, production decline is inevitable even though new wells were drilled and being maintained properly, while production cost increases as the aging of production facility. Refer to production forecast, The Company will deactivate Condensate Processing Plant (CPP) at the end of 2033 as condensate production will be below turn down capacity. While Oil Processing Plant (OPP) can still operate, since oil production will still above turn-down capacity at least until 2038. This study will provide a thorough analysis of CPP’s early deactivation (in 2023) by diverting all condensate production to OPP (instead of CPP), to unlock additional revenue to The Company. Business situation analysis and project economic is done in this study by considering Oil & Condensate’s market price difference and cost of revenue structure changes. Project valuation are calculated by Discounted Cash Flow (DCF) by applying cost-recovery term of PSC. While the risk is assessed by performing simulating uncertainties of parameters and review its sensitivities to the outcome.