Giant Discovery Of North Dongkrak Gang Investment Rating Hulu Migas

Illustration (Photo: Doc. Antara)

JAKARTA - The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) revealed that the discovery of oil and gas reserves in the North Gang increased investment rating in upstream oil and gas in Indonesia and the attractiveness of investors.

Deputy for Exploration, Development and Management of the SKK Migas Working Area, Benny Lubiantara, explained that this discovery had an initial estimate of the discovery resources of approximately 609 MMBOE (recoverable) and was recorded as the 3rd largest discovery in the world in 2023.

"Before the discovery of the North Gang, the rating assessment of attractiveness investors issued by HIS Markit, Indonesia's position had increased from 5.27 to 5.4 in the first quarter of 2023," said Benny in a statement to VOI, Wednesday, October 18.

Therefore, Benny is optimistic that Indonesia's investor attractiveness rating will increase again and of course it will raise Indonesia's ranking better than currently ranked 9th in Asia Pacific.

Regarding the discovery of the North Gang, Wood Macak in publication in October 2023 has repositioned Indonesia as a country with promising exploration potential. Therefore, we are optimistic that in the future exploration investments will be more massive and aggressive," continued Benny.

He continued, SKK Migas had encouraged ENI to immediately produce the findings of the North Gang.

Benny said that he was coordinating with ENI for efforts to accelerate POD.

The acceleration of North Gang production will encourage higher optimism in the upstream oil and gas industry and increase the competitiveness of the national upstream oil and gas to remain competitive.

He added that the discovery of the gas giant disclosure will be encouraged to be produced soon so that it can increase gas supply to support development, including downstream gas currently being pushed by the government.

"This is also supported by gas infrastructure that is already available in East Kalimantan so that it is hoped that it can be developed quickly and efficiently," concluded Benny.