JAKARTA - Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif revealed that the potential for investment in upstream oil and gas is still wide open.
This was conveyed by when opening The 46th Indonesian Petroleum Association Convention and Exhibition (IPA CONVEX) in Jakarta.
"We have 70 potential basins that have not been explored to offer to investors. We will also accelerate exploration in 5 Working Areas (WK) in Eastern Indonesia, namely Buton, Timor, Seram, Aru-Arafura, and West Papua Onshore," he told the media, Thursday, September 22.
Not only that, he continued, currently, there are 4 promising oil and gas projects, namely the Indonesian Deepwater Development (IDD) Gendalo and Gehem, Jambaran Tiung Biru, Eternal Field, and Tangguh Train-3, which are expected to increase oil and gas production by 65,000 BOPD and 3,484 MMSCFD, with a total investment of more than 37 billion US dollars.
Meanwhile, to increase oil and gas production, the Ministry of Energy and Mineral Resources will announce the Phase 2 WK Migas Auction in 2022, consisting of 5 WK for direct offerings, 1 WK for direct bids for the Whale Block, 1 WK for regular auctions, and 1 WK. direct offer for West Kampar.
"Furthermore, to attract investment upstream in Indonesia, the Government has made various policy breakthroughs, through contract flexibility, namely PSC Cost Recovery or PSC Gross Split, improving terms and conditions at the auction stage, fiscal and non-fiscal incentives, online licensing, and adjusting regulations for non-conventional," in detail Arifin.
Furthermore, Arifin said, the government will revise the Law on Oil and Gas on Earth by providing ease of business and contract certainty.
Arifin said that currently the Ministry of Energy and Mineral Resources is trying to increase oil and gas production to reach the target of 1 million barrels of oil per day (Barrel Oil Per Day/BOPD) and 12 billion standard cubic feet per day (Billion Standard Customs Feet per Day/BSCFD), with various strategies.
"The strategy to achieve these targets includes optimization of existing production, transformation of resources for production, acceleration of chemical Enhanced Oil Recovery (EOR) and massive exploration of large discoveries, as well as the development of non-conventional oil and gas," he concluded.
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