Indonesia Offers Four Oil & Gas Blocks in Bidding Round

Credit: Ministry Of Energy And Mineral Resources
Republic Of Indonesia
Credit: Ministry Of Energy And Mineral Resources Republic Of Indonesia

Indonesia's energy ministry launched a bidding round on four oil and gas blocks on Wednesday, as the country seek more investments in its upstream oil and gas sector, the ministry said in a statement.

Southeast Asia's biggest economy set a target to reach 1 million barrels oil per day (MMBOPD)and 12 billion standard cubic feet per day (BSCFD) gas in 2030 to meet national energy demand, Energy Minister Arifin Tasrif said. 

The four blocks offered in the second round of bidding this year have a combined estimated resources of 3,730 million barrels of oil (MMBO) and 300 billion cubic feet (BCF) gas, energy ministry data showed. 

The offered blocks are Sangkar block in offshore and onshore Central and East Java, Bunga block in offshore East Java, Peri Mahakam block in offshore and onshore East Kalimantan and Bose block in onshore and offshore East Nusa Tenggara. 

The government also awarded West Kampar block to a consortium of Aserra Petrolindo Gemilang and SPR Langgak, that agreed to invest $32.5 million in exploration and exploitation activities and $250,000 signature bonus. 

(Reuters - Reporting by Bernadette Christina, Editing by Louise Heavens)

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