ASIATODAY.ID, JAKARTA – The Indonesian Ministry of Energy and Mineral Resources has determined the winner of the 2023 Phase III Oil and Gas Working Area bidding auction for the Bobara WK which was offered through a Regular Auction mechanism.
The oil and gas Working Area offer starts on September 20 2023 and ends on December 15 2023.
The Bobora Working Area is located in the waters of West Papua Province with an area of 8,444.49 km2 and has potential oil and gas resources of 6.8 Billion Barrel Oil Equivalent (BBOE).
“Based on the results of the assessment of the participation documents from the auction participants, it has subsequently been determined in the Decree of the Minister of Energy and Mineral Resources of Indonesia, the winning company for the Bobara Oil and Gas Working Area is Petronas Carigali North Madura II Ltd,” said Director General of Oil and Gas Tutuka Ariadji in Jakarta , Tuesday, February 20 2024.
Tutuka continued, from the results of the previous 2023 oil and gas Working Area Bidding, the government had signed contracts for 4 oil and gas Working Area, namely Akia, Beluga, Bengara I and East Natuna Working Area.
So with the addition of Working Area Bobara winners, the government gets a total firm commitment investment of $51,620,000 and a total signing bonus of $1,200,000.
“With exploration activities in this new Working Area, it is hoped that significant new oil and natural gas reserves can be discovered to increase oil and natural gas production in Indonesia,” he said.
Meanwhile, the oil and gas Working Areas that do not yet have a winner in the 2023 oil and gas Working Area Bidding, namely the Natuna D-Alpha, Panai, Patin, Akimeugah I, and Akimeugah II Working Areas, are designated as Open Working Areas.
This is a new opportunity for Business Entities or Permanent Establishments who are interested in proposing the management of this Open Working Area in accordance with the expected Terms and Conditions for the next 6 month time limit.
To optimize the potential for oil and natural gas in Indonesia, said Tutuka, in 2024 the government will also submit Working Area candidates that are being evaluated to be offered.
“The government will continue to strive to invite investors to carry out oil and gas exploration activities in an effort to help maintain national energy security. I want to emphasize that Indonesia still has abundant oil and natural gas potential to support energy needs,” he added. (ATN)
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