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Indonesia govt offers 11 cargoes of excess LNG in spot market

JAKARTA (Rambu Energy) – The Indonesian government, through state oil and gas company Pertamina, is offering 11 cargoes of excess LNG in spot market after the LNG were not absorbed in domestic market.

Acting Chairman of the Special Task Force for Upstream Oil and Gas (SKKMIGAS) Johanes Widjonarko was quoted by as saying that the excess LNG cargoes were from Mahakam Block.

The gas production from Mahakam Block was initially expected to decline, however, it turned out to be higher than expected following the operator’s effort to carry out well services. Block Mahakam is operated by Total E&P Indonesie.

“We have offered the LNG cargoes to domestic market, however there were no readied buyer. On the other hand, if the gas is put in storage, it would expose the block’s operator in riskier situation,” Widjanarko said.

He said 3 LNG cargoes have been sold in spot market, while 8 LNG cargos have yet to be sold. The LNG cargos are produced for September-November period.

Previously, some LNG cargoes were also sold in spot market. One of which was sold to BP Trading at a price of US$14.8 per million british thermal unit (mmbtu). (*)

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