The Indonesian Ministry of Energy and Mineral Resource has selected several firms to carry out oil and gas exploration in three offshore blocks, under the 2022 Phase II oil and gas direct bid round.
The move forms part of the Asian country’s efforts to offer ten oil and gas working areas this year, as part of a wider plan to have a production capacity of one million barrels of oil per day by 2030, reported Reuters.
A consortium of PT Pertamina Hulu Energi and South Korea’s POSCO International has been selected for the exploration at the Bunga block, which is located north of East Java.
The consortium will be responsible for the geological and geophysical (G&G) study and acquisition and reprocessing 350km² of 3D seismic data for the Bunga block.
The Bunga Working Area is estimated hold oil and gas resources of 1.3 million barrels of oil equivalent (boe) while the Peri Mahakam Working Area has 1.3 million boe of oil and gas resources.
Covering an area of more than 7,400km², the Peri Mahakam block is located off the East Kalimantan province on Borneo Island.
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The Peri Mahakam block would be jointly explored by a consortium of Eni Indonesia and Pertamina Hulu Energi.
The scope of work for this block includes G&G study, acquisition, the processing of 150km² of 3D seismic data, and one exploration well.
Furthermore, the Sangkar block exploration has been awarded to PT Saka Eksplorasi Timur. The block is estimated to hold 130 million barrels of oil and 300 billion cubic feet of natural gas.
Saka Eksplorasi will undertake the G&G study, acquisition, and processing of 150km² of 3D seismic data.