Showing IDR 470.4 Billion Commitment, Conrad Asia Energy Becomes the Winner of the Meulaboh and Singkil Oil and Gas WK Auction

Illustration. (Photo: Doc. Antara)

JAKARTA - The Ministry of Energy and Mineral Resources (ESDM) through the Directorate General of Oil and Gas has determined Conrad Asia Energy Ltd as the winner of the auction of two oil and gas working areas (WK) in Offshore North West Aceh (Meulaboh) and Offshore South West Aceh (Singkil).

Director General of Oil and Gas, Tutuka Ariadji, said that Conrad Asia Energy won the two work areas with a firm commitment for the first three years to reach a total of 30 million US dollars or equivalent to Rp. 470.4 billion.

"The auction winner for WK ONWA Meulaboh is Conrad Asia Energy Ltd with a signature bonus of US$50,000 and a definite commitment of US$15 million", said Tutuka at an online press conference, Tuesday, November 8.

Tutuka explained, ONWA is a working area located off the coast of Aceh with an area of 9,182 square km with oil resources estimated at 800 million barrels of oil/Million Barrels of Oil (MMBO) and gas 4.8 trillion cubic feet/Trillion Cubic Feet (TCF).

Meanwhile, OSWA is a 10,700 km2 working area off the coast of Aceh with an estimated oil resource of 1.4 billion barrels of oil (Billion Barrel Oil/BBO) and 8.6 trillion cubic feet of gas/TCF.

Just so you know, in the first three years of commitment, Conrad will carry out G&G, Acquisition and Processing 3D Seismic 500 km2, and one exploration well.

Currently, the Regular Auction for Phase I 2022 Oil and Gas Working Areas is still ongoing, which consists of three Working Areas, namely Arakundo, Bengara I, and South Makassar.

"The schedule for access to Auction Documents for the Regular Auction is still open until November 15, 2022, while the submission of Participation Documents is until November 17, 2022", he concluded.