Ahead Of Leaving The Tuna Block, Russian Companies Ask For Additional Time

Refinery illustration (Photo: antara)

JAKARTA - The Special Task Force for the Implementation of Upstream Oil and Gas Business Activities (SKK Migas) said the Russian oil and gas company, Zarubezhneft (Zn) asked for additional time regarding the release of its participation rights by 50 percent from the Tuna Block.

Zn reasoned, there are many companies that are interested in their participation rights so they are still asking for additional data.

"There are potential buyers, so look at the room data again," said Deputy for Exploration, Development and Regional Management of SKK Migas Benny Lubiantara, quoted Monday, January 15.

However, Benny ensured that the decision regarding the release of the participation rights of the Russian state-owned company would be completed in the 1st quarter of this year.

"Yes, hopefully in the first quarter it will be enough. It's finished. Apparently there are quite a lot of enthusiasts," added Benny.

On the same occasion, the Head of SKK Migas, Dwi Soetjipto, added that previously there were obstacles to transacting with ZN because many Russian companies had to face international sanctions as a result of the geopolitical conflict between RUsia and Ukraine.

"So this often has problems. For example, there are people who want to enter but there are sanctions, bans on transactions and so on," said Dwi.

In fact, many companies are interested in investing in the oil and gas block located off the coast of East Natuna.

"There are quite a lot of enthusiasts because the reserves are good and the market is clear, we'll wait a while," concluded Dwi.