Sat. Jun 22nd, 2024

Indonesia offers 3 oil and gas blocks first tranche of 2023 acreage

Indonesia has launched the frst of its 2023 licensing rounds, offering three blocks – one of which has giant oil and gas potential – to prospective investors.

The Ministry of Energy & Mineral Resources (ESDM) on Monday unveiled the first batch of acreage up for grabs this year, with estimated resources of more than 2.4 billion barrel of oil and 9 trillion cubic feet of gas – the Akia, Beluga and Bengara I contract areas (CAs) – all of which are offered under Jakarta’s cost recovery profit sharing scheme.

Director General of Oil and Gas Tutuka Ariadji (migas.esdm.go.id)

Indonesia plans to offer 10 oil and gas working areas this year, including a block in the South China Sea, part of efforts to boost energy production and make new discoveries, authorities have previously said.

The government offered offshore working areas in Akia in North Kalimantan with estimated two billion barrels of oil and nine trillions cubic feet of gas, plus Beluga in west Natuna with estimated resources of 360 million barrels of oil and 50 billion cubic feet of gas.

It also offered Bengara I working area in onshore North Kalimantan with estimated resources of 90 million barrels oil equivalent, according to government data.

Tutuka Ariadji, director general of oil and gas at the energy ministry said Beluga and Bengara I were located close to areas with proven oil and gas potential.

Phase I 2023 oil and gas working area offers (WK Migas) namely Akia CA, Beluga CA, and Bengara I CA.

“The Indonesian government is committed to support the upstream oil and gas development activities in the country, by continuing to make improvements in the oil and gas management system so as to increase investor confidence in investing,” Tutuka said.

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