Govt offers five oil and gas blocks in Andaman Sea, Sumatra, Sulawesi – Companies

Govt offers five oil and gas blocks in Andaman Sea, Sumatra, Sulawesi – Companies
Govt offers five oil and gas blocks in Andaman Sea, Sumatra, Sulawesi – Companies

he government is offering five oil and gas blocks for the year’s first bidding round in a fresh effort to achieve its oil and gas production targets.

Four blocks are being offered through the production sharing contract (PSC) cost recovery scheme, namely the Pesut Mahakam onshore and offshore block in North Sumatra and Riau, the Central Andaman offshore block in the Andaman Sea, the Amanah onshore block in South Sumatra as well as the Melati offshore and onshore block in Central Sulawesi and Southeast Sulawesi.

The Panai onshore and offshore block in North Sumatra and Riau, meanwhile, is being offered under a flexible contract, allowing bidders to choose either the cost recovery or the gross split scheme.

Read also: Indonesia targets 15 oil and gas projects going onstream in 2024

Central Andaman, located adjacent to working areas with high hydrocarbon potential, such as the North Sumatra as well as Natuna Sea Block B offshore blocks, boasts estimated resources of around 100 million barrels of oil and 500 billion cubic feet (bcf) of gas, according to to Dadan Kusdiana, the Energy and Mineral Resources Ministry’s acting oil and gas director general.

“We are inviting investors and oil and gas companies with the capability and commitment to meet the requirements to join the bid,” he said during the opening ceremony of the 48th IPA Convention and Exhibition 2024, hosted by the Indonesian Petroleum Association in Tangerang, Banten, on Tuesday.

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Direct proposal tenders, which are applicable for the Central Andaman, Amanah and Melati working areas, have a bid deadline of Sept. eleven.

 
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