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Conrad Asia Energy wins two oil and gas blocks in Aceh, pledges $30m investment
The Energy and Mineral Resources Ministry has announced energy company Conrad Asia Energy Ltd. as the winning bidder for the Meulaboh and Singkil working areas off the coast of Aceh.
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The Oyong oil and gas rig in the Sampang block, located in the Madura Strait, off the coast of East Java. Medco took over the block from Ophir Energy in 2019 after Medco acquired Ophir. (SKK Migas/SKK Migas)
T
he Energy and Mineral Resources Ministry has named energy company Conrad Asia Energy Ltd. as the winning bidder for the Meulaboh and Singkil working areas off the coast of Aceh.
The ministry’s oil and gas director general, Tutuka Ariadji, said the company’s three-year total investment commitment for each oil and gas block was US$15 million, while the signing bonus was $50,000.
“The decision is made based on the assessment results of the participation documents submitted by the bidders,” Tutuka said in a virtual briefing on Tuesday.
The firm's commitments in the three-year contract at both oil and gas blocks include geological and geophysical (G&G) study, 3D seismic acquisition and processing as well as the construction of one exploration well.
The Meulaboh block, which has a surface area of about 9,182 square kilometers, has an estimated 800 million barrels of oil and 4.8 trillion cubic feet (tcf) of gas.
The Singkil block, which has a surface area of about 10,700 sq km, on the other hand, has an estimated 1.4 billion barrels of oil and 8.6 tcf of gas.
To date, the regular auction for the first phase of oil and gas blocks is still ongoing, with remaining working areas including the Arakundo block in Aceh, the Bengara 1 block in North Kalimantan and the Maratua 2 block in the Makassar Strait.
