Indonesia has granted five oil and gas exploration blocks to various companies in a strategic effort to boost its declining energy reserves and enhance national energy security. This move is part of the country’s broader plan to auction nearly 60 exploration blocks in the coming years to address a decade-long decline in production.
Tri Winarno, a senior official from the Ministry of Energy and Mineral Resources, stated, “The government hopes these auction winners will play a crucial role in strengthening Indonesia’s energy security.”
The awarded blocks include:
Gaea and Gaea II in West Papua, granted to a consortium consisting of Enquest Petroleum Production Malaysia, BP Exploration Indonesia, and CNOOC Southeast Asia. The Gaea block is estimated to hold 9.6 billion barrels of oil or 71.8 trillion cubic feet of gas, while Gaea II is expected to contain 8.5 billion barrels of oil or 35.1 trillion cubic feet of gas.
Binaiya in offshore Maluku, with potential reserves of 6.7 billion barrels of oil and 15 trillion cubic feet of gas. This block has been awarded to PT Pertamina Hulu Energy, Petronas’s PC North Mandura II, and SK Earthon from South Korea.
Sepang offshore East Java, also awarded to the same consortium, along with INPEX Corporation from Japan.
Kojo in the Makassar Strait, which has been given to Armada Etan.
Additionally, Indonesia is negotiating a deal with the United States to increase energy imports, including crude oil and liquefied petroleum gas, valued at around $10 billion (Rp168.32 trillion). This move is aimed at further strengthening the country’s energy security.
Related Topics:
What Percent of Crude Oil Is Made into Gasoline?
