February 24, 2024
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OIL & GAS

Indonesia to Offer 10 Oil and Gas Blocks to Boost Reserves

Indonesia is set to invite bids for 10 oil and gas blocks this year, demonstrating its commitment to enhancing reserves in the face of sluggish production, as announced by senior energy ministry official, Tutuka Ariadji on Tuesday.

In 2023, Indonesia initiated the offering of 10 oil and gas blocks, with two areas, namely Akimeugah-1 and Akimeugah-II in the Papua region, still in the ongoing bidding process, anticipated to conclude in early 2024, according to Ariadji.

Looking ahead to 2024, the country plans to present an additional 10 blocks for bidding, with several promising prospects located in the northern part of East Java province and near the Andaman block in offshore Aceh province, as highlighted by Ariadji.

“In 2024 we are planning to offer 10 blocks. We are still working with the experts, but based on the information I have, it is quite promising,” Ariadji told reporters.

The initial round of bidding is expected to commence in May, announced Ma’ruf Affandi, an official from the energy ministry.

While no bids were received for the Natuna D-Alpha block in East Natuna during the second round of auctions last year, Maruf mentioned the possibility of putting the block up for joint study or tender again in 2024.

The Natuna D-Alpha exploration block is recognized for its substantial gas resources, estimated at 230 trillion cubic feet (6.5 trillion cubic meters), making it one of the world’s largest resources, albeit with a high carbon dioxide (CO2) content.

 

 

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