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Indonesia to Tender 27 Oil and Gas Blocks in 2014

Source: Reuters 12/19/2013, Location: Asia

Indonesia plans to offer 27 oil and gas blocks in 2014 in both regular tenders and direct offers, a government official said, as the former OPEC member pushes to support its ballooning energy demands and reverse declining domestic output.

The blocks on offer include 20 conventional blocks, 6 shale gas blocks and 1 coal bed methane block, Oil and Gas Director General Eddy Hermantoro told reporters at a tender award ceremony in Jakarta.

Also on Thursday, Canada-based Husky Energy Inc. won rights to develop the Anugerah Block off the coast of East Java, the government said, with a commitment to invest $4.91 million and a signature bonus of $1.5 million as part of the direct offer stage-I 2013 bidding round.

Direct offer tenders are preceded by a joint study process, in which oil and gas companies and the government work together to develop seismic data for certain blocks. Companies involved in the study then gain rights to match bids once the blocks are offered in the tender, discouraging other participants.

Indonesia's crude imports are expected to increase in 2014, after output declined to around 827,000 barrels per day in 2013.

Here are winners announced:
1. Bengara II - Onshore and offshore East Kalimantan. Awarded to PT Tansr Madjid Energi
2. Seringpatam I - Offshore Nusa Tenggara Timur. Awarded to PT Equator Energy
The total investment commitment for the two investors for three years of exploration is $98.35 million, comprising G&G studies worth $1.35 million, 1,000 kms of 2D seismic surveys, 400 sq km of 3D seismic surveys and six exploration wells. The total signature bonus was $3.5 million.

Direct Offer Conventional Oil and Gas Block Stage I 2013
1. Palmerah Baru - Onshore South Sumatra and Jambi. Awarded to Consortium Bukit Energy Sumatra and Jambi Palmerah Baru Pte Ltd, New Zealand Oil and Gas, PT SNP Indonesia.
2. Sakti - Offshore Central Java and East Java. Awarded to Consortium Krisenergy (Sakti), PT Golden Heaven Jaya.
3. North East Madura VI - Offshore East Java. Awarded to Golden Code Commercial.
4. Anugerah - Offshore East Java. Awarded to Husky Energy International Corp.
5. East Bontang - Onshore and Offshore East Kalimantan. Awarded to PT Innovare Gas.
The total investment commitment for these five investors for three years of exploration is $56.43 million, comprising G&G studies worth $4.48 million, 3,050 km of seismic 2D surveys, 965 sq km of 3D seismic surveys and three exploration wells. The total signature bonus was $5.5 million.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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