This week the Government Auctions Three Oil and Gas Blocks

By : Herry Barus And Aldo Bella Putra | Monday, August 13 2018 - 17:30 IWST

Blok Migas (Foto Eksplorasi.ID)
Blok Migas (Foto Eksplorasi.ID)

INDUSTRY.co.id - Jakarta - The Government through the Ministry of Energy and Mineral Resources will auction three oil and gas blocks, namely Makassar Strait, South Jambi B and Panjang Strait, this week.

"The Makassar Strait, South Jambi B and Long Strait blocks will be auctioned next week," said EMR Deputy Minister Arcandra Tahar in Jakarta.

The three oil and gas working areas were auctioned because they will expire in 2020.

But the other reason for the three oil and gas blocks being auctioned was the lack of interest from a number of operators to extend the management contract and bankruptcy conditions.

Makassar Strait Block which will expire on January 25, 2020, for example. The block was abandoned by three contractors, PT Chevron Indonesia, PT Pertamina, and Sinopec because they were considered to be less economical after being separated from the ultra deep sea project (IDD) with the Rapak and Ganal Blocks.

"The Makassar Strait Block is 'stand alone', separate from the Rapak and Ganal Blocks," he explained.

There is also the South Jambi B Block auctioned because of the existing operator Conocophillips is not interested in re-managing the block located in Jambi. While PetroChina, who is supposed to be the block manager, resigned after the contract expired in 2020.

While the Long Strait Block, whose contract expires on September 5, 2021, was auctioned because its operator, namely Petroselat Ltd, was declared bankrupt on July 5, 2017.

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