Three WK Contract Signs For WK Akia Cooperation, Beluga, Bengara

JAKARTA - Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif witnessed the signing of a cooperation contract for three Working Areas (WK) namely Akia, Beluga, and Bengara I.

The signing took place on the sidelines of The 4th International Convention on Indonesian Upstream Oil and Gas (ICIUOG) 2023, in Nusa Dua, Bali, Thursday, September 21.

WK Akia won by the Fleet Consortium Etan Limited & Pexco Tarakan NV with a definite commitment of the first 3 years, including 3 G&G studies, Acquisition and reprocessing of 3D 750 km2 seismic data.

The total auction value is 7.7 million US dollars with a signature bonus of 500,000 US dollars.

Then the Beluga WK was won by PT Medco Energi Linggau with a total value of 8 million US dollars and a signature bonus of 100,000 US dollars.

As for the exact commitment of the first 3 years, among others, 2 G&G studies and one exploration well.

Meanwhile, for WK Beluga I won by Texcal Mahato EP FZCO with a definite commitment of the first 3 years is 2 G&G studies and one exploration well.

The total auction value is 6.5 million US dollars and a signature bonus of 50 thousand US dollars.

Thus, the total investment commitment of this signing is worth US$22.2 million with a signature bonus of US$650,000.

Arifin said that the government hopes that Cooperation Contractors can maintain their exploration commitment so that they can play an active role in increasing oil and gas reserves and meeting national energy needs in the future.

"To meet oil and gas needs, Indonesia is currently focusing efforts to explore oil and gas basins considering that Indonesia still has many oil and gas reserves that have not been utilized. Of the 128 hydrocarbon basins, 68 of them have not been explored," said Arifin.

In addition, Arifin also said that starting this year, the Indonesian government is promoting the addition of new oil and gas working areas every year.

"Investors can participate through the work area offer process carried out by the government or directly negotiate with the government," concluded Arifin.