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Jakarta Post

Cost of exploration is necessary investment

  • George Barber
    George Barber

    Country manager of PT Terra Explorasi and Exploitasi Teknologi Indonesia

Jakarta   /   Tue, August 22, 2017   /  10:23 am
Cost of exploration is necessary investment Power house: Locals fish in shallow water near an oil refinery belonging to state-owned oil and gas giant Pertamina in Cilacap, Central Java. The facility, which produces up to 348,000 barrels of oil per day, is the biggest of its kind in Indonesia, supplying around a third of the nation’s fuel. (The Jakarta Post/Agus Maryono)

Richard Fuller recently published a very interesting article in The Jakarta Post titled “The risk of losing an important asset — natural gas”. In this article, he mentioned that the cost of 2D, 3D seismic over 10 years would be US$2 billion, a figure that makes one’s eyes water. It was also stated that by continuing to pursue oil and gas exploration under the historic and current procedures that Indonesia would lose $1.1 trillion in economic benefits, another eye watering figure, even in rupiah, to many of us. Vice President Jusuf Kalla made a statement at the opening ceremony for the fifth Indonesia International Geothermal Convention and Exhibition (IIGCE) 2017 recently that the cost of exploration for geothermal is quite high, considering the cost of exploration required for the development of one Geothermal Working Area (WKP) is approximately $20-25 m...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.