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Indonesia Awards 14 Oil and Gas Blocks

Source: Reuters 5/13/2010, Location: Asia

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Indonesia has awarded 14 oil and gas blocks to firms including Spanish giant Repsol and a consortium of Talisman Energy Inc and Thailand's PTT Exploration and Production PTTE.BK, an official said.

The move is part of Indonesia's efforts to boost investment and oil and gas reserves in future as current production dwindle. Indonesia has turned into a net importer of crude oil in recent years as production has slumped after a failure to tap new fields fast enough. The country has been offering new exploration rights and financial incentives for oil fields in a bid to stem a steady decline in production.

"There are potential of oil and gas reserves in those 14 areas that we have awarded, but we have to wait until they conduct exploration," Edy Hermantoro, the upstream director at the energy ministry, told reporters.

"Indonesia is still attractive to foreign firms as there are many foreign companies who have now won tenders," he added. Following are the names of the oil and gas blocks that have been awarded and the companies:

- Cendrawasih Bay II, offshore Papua, Repsol and Niko Asia
- Cendrawasih Bay III, offshore Papua, Repsol and Black Gold
- Cendrawasih Bay IV, offshore Papua, Repsol and Black Gold
- South Mandar, offshore Makassar Strait, Talisman and PTTEP
- Sadang, offshore Makassar Strait, Talisman and PTTEP
- South Sageri, offshore Makassar Strait, Talisman and PTTEP
- Malunda, offshore Makassar Strait, PTTEP
- Puri, onshore South Sumatra, local firm PT Sargas
- Sakakemang, onshore South Sumatra, local firm Cakra Nusa Darma
- Sunda Strait I, offshore West Java, Komodo Energy and Niko Resources
- North Madura, offshore East Java Sea, Baruna Recovery Energy and Australia's AWE
- Mandala, offshore East Java, local firm Bumi Hasta Mukti and Fortune
- Karapan, offshore East Java, PT Leogryph Indonesia
- Long Hubung, Long Bangun, onshore Kutai, PT Kalisat Energi Nusantara

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