JAKARTA (RambuEnergy.com) – The Indonesian Energy and Mineral Resources Ministry (ESDM) has approved Plan of Development (PoD) of oil and gas projects in 2018. The oil and gas projects are expected to add the country’s oil and gas reserves.
Director General for Oil and Gas at the energy ministry Djoko Siswanto said last year, the energy ministry has approved four PoD based on Cost-Recovery Production Sharing Contract (PSC) scheme and one PoD based on Gross Split PSC scheme.
“The total government take to be received by the government from the five PoDs are estimated to reach US$3.9 billion,” he said in a statement on Monday (Jan. 14).
The proposed PoDs that have been approved are as follows:
1. North West Kenanga within Batanghari Working Area (WA) which is operated by PT Gregory Gas Perkasa;
2. Karamba Field within Wain WA operated by PT Pandawa Prima Lestari;
3. Asap, Kido and Merah fields within Kasuri WA operated by Genting Oil Kasuri Pte;
4. Sinarmar Field within South West Bukit Barisan WA operated by PT Riski Bukit Barisan Energi;
5. Marake Field within East Sepingan WA operated by Eni East Sepingan Ltd.
The energy ministry expects these projects, once completed, would add the country’s of oil and gas reserves. Last year, the reserve replacement ratio (RRR) in Indonesia stood at 105%, higher than the target of 100% set in early of the year and higher than RRR in 2017 at 55.3%.
This means Indonesia discovered more than the volume of oil and gas that were produced in the year.
The energy ministry revealed the total oil and condensate reserves in 2018 stood at 7.51 billion barrels and natural gas 135.55 trillion standard cubic feet (tcf).
Last year, the country produced 772.250 barrels of oil per day (bpd) and gas 7,760 mmscfd. (*)
Written by Staff Writer, edited by Roffie Kurniawan (email: firstname.lastname@example.org)