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Indonesia to offer 10 oil and gas blocks in 2024
The Energy and Mineral Resources Ministry aims to auction 10 oil and gas working areas this year and offer companies a better deal for higher-risk areas.
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An Elnusa employee repairs an offshore oil and gas rig in this undated photograph. (Pertamina/Pertamina)
The Energy and Mineral Resources Ministry aims to auction 10 oil and gas working areas this year.
The ministry’s oil and gas director general, Tutuka Ariadji, made the announcement at a press conference broadcast live on Tuesday, adding that the ministry was mapping other potential areas to offer as well, including in the Northern Madura and Andaman areas.
“We are collaborating with the exploration team working for SKK Migas. Some areas are promising. There are two large ones,” he said.
Read also: Oil and gas giants mulling switch to cost recovery scheme
Last year, the ministry signed production sharing contracts (PSCs) for 13 oil and gas working areas worth a total of US$178.6 million in investment commitments from operators (KKP).
“There are prospective [blocks] that will be auctioned apart from those that are already on the auction list. We will see if [these blocks] have adequate potential,” he added.
He went on to say that there would also be “fiscal improvements” based on risks, meaning that the government would give operators a greater share in higher-risk working areas.
