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Indonesia Awards Second Shale Gas Block to Three Foreign Firms

Source: Reuters 6/23/2014, Location: Asia

Indonesia's energy and mining ministry awarded its second shale gas exploration block to a consortium of foreign oil firms that included New Zealand Oil & Gas Ltd.

The New Zealand company, along with Canada's Bukit Energy and Pacific Oil & Gas Ltd in Hong Kong, won the tender to explore the Kisaran block in North Sumatra, said Saleh Abdurrahman, the ministry's spokesman.

The consortium agreed to commit more than $11.5 million, which will go to conducting a geology and geophysics study, a seismic survey and to dig at least one exploration well. The announcement comes more than a year after Indonesia's state-owned Pertamina won the country's first shale gas block, also located in North Sumatra.

Indonesia hopes shale gas output can help compensate for declining energy production from mature oil and gas fields. The former OPEC member has been struggling for years to attract enough investment to halt declining domestic output, which has dropped to about half of its 1995 peak of 1.6 million barrels per day.

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Related Categories: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

Related Articles: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 


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