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Repsol to begin production at newly discovered giant gas reserve in 2022
The commitment was expressed by Repsol CEO Josu Jon Imaz at a meeting with Deputy Energy and Mineral Resources Minister Arcandra Tahar in Madrid, last week.
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Deputy Energy and Mineral Resources Minister Arcandra Tahar (center) talks with top officials from Spain-based oil giant Repsol at the company's headquarters in Madrid on April 24. (Courtesy of/Energy and Mineral Resources Ministry)
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pain-based oil company Repsol has expressed its commitment to begin oil and gas production at its recently discovered reserve in Sakakemang Block in South Sumatra by 2022.
The commitment was expressed by Repsol CEO Josu Jon Imaz at a meeting with Deputy Energy and Mineral Resources Minister Arcandra Tahar in Madrid, last week.
Arcandra said that initially, Repsol planned to begin production in Sakakemang Block within the next five years, after the discovery was announced in February.
Repsol announced that the giant gas reserve had a proven natural gas reserve of 2 trillion cubic feet (tcf). Global energy think tank Wood Mackenzie named the reserve one of the top five discoveries globally over the last 12 months.
“We are grateful and happy that Repsol has committed to speeding up commencement of the block’s production. We, the government, will give our full support to make it happen,” he said.
He added that the government’s support would include a simpler plan of development (POD) approval process and the simplification of other administrative requirements.
Apart from meeting with Repsol, Arcandra said his visit to Spain was made to assist government efforts to strengthen relations with global oil and gas investors and to encourage them to invest in Indonesia. (bbn)
