JAKARTA (RambuEnergy) – State-owned energy company PT Pertamina has decided to invest US$7.5 million in the Maratua Working Area, which is located in North Kalimantan province. The investment covers work commitments and signature bonus.
The decision follows the Energy and Mineral Resources Ministry’s decision to award Pertamina to develop the block last month (Feb. 18). The working area is part of the results of the Oil and Gas Working Area Tender Phase III 2018. The production sharing contracts (PSC) are based on gross-split, instead of cost recovery.
The working area will be explored and developed by Pertamina Hulu Energi (PHE), a subsidiary of Pertamina. PHE’s president director signed the award last month, witnessed by Deputy Minister for Energy and Mineral Resources Archandra Tahar.
The Maratua WA is located in offshore Bunyu Coast, Berau Regency, East Kalimantan and is believed to contain attractive oil and gas potentials. It covers 7,835.07 square kilometers in the Tarakan basin, North Kalimantan.
PHE has set its commitment to carry out geology and geophysics (G&G) study, 3D seismic on 500 sqm area.
The output from the block will be delivered to a Methanol plant, state utility PLN’s power plants, city gas network in Tarakan city and Bunyu area as well as to the industrial areas in the region.
The government hopes the Maratua block would find good discoveries and help boost the country’s oil and gas reserves and production. (*)