JAKARTA - The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) reported that there were findings of a number of exploration wells throughout 2023.
One of the major findings this year is the North Gang in North Ganal Block, East Kalimantan which was discovered by an oil and gas company from Italy, ENI on October 2, 2023.
Dwi said that to explore one well, it costs at least 100 million US dollars because it is located off the coast.
"For 1 dining well, it costs 100 million US dollars because the offshore and hydrocarbon inplicitation are 5.3 TCF gas and 380 million barrels of oil," he said in a Hearing Meeting with Commission VII DPR RI quoted on Friday, December 1.
Dwi added, based on ENI's development plan, it is targeting to accelerate the development of the North Gang by taking advantage of what has been done in the oil and gas field in Egypt.
"God willing, it will be carried out in 3 years, so the target is 2027 or 2028 already on stream," added Dwi.
Later, the North Gang's gas will be distributed to Bontang Plant and industry in Kalimantan. Thus, he said, it will revive the operations of Bontang Plant from two trains to 4 trains.
Furthermore, Dwi said that the addition of gas from the North Gang would have a positive impact on the optimization of the Bontang LNG Plant so that it could come back to life.
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Previously, Deputy for Exploitation of the Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) Wahju Wibowo said the discovery of the North-1 Gang gas field in East Kalimantan was predicted to be the largest gas reserves in the world, thus driving gas production as energy transition to clean energy.
Then Deputy for Exploration, Development and Management of the SKK Migas Working Area Benny Lubiantara said the discovery of oil and gas reserves in the North Gang increased investment rating upstream oil and gas in Indonesia and the attractiveness of investors.
"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.
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