Government to Auction Oil & Gas Blocks in Late Q3

By Editorial Team 06/08/2020
Summary

The government still plans to conduct the oil and gas working area (WK Migas) auction this year with the earliest plan by the end of the third quarter of 2020 and no later than early Q4/2020. Acting Director-General of Oil and Gas, Ministry of Energy and Mineral Resources (ESDM), Ego Syahrial said the oil and gas working areas that will be auctioned are those that have already gone through a joint study process with potential investors or through direct offers.

"We are proactively communicating with permanent business entities regarding the proposed oil and gas working areas. Several business entities have suggested that the auction should be postponed to the third or fourth quarter while seeing oil prices improve," Ego said in a virtual press conference on Wednesday (8/5).

Currently, the Ministry of Energy and Mineral Resources is conducting a final evaluation of 10 oil and gas block candidates, including the evaluation of more attractive terms and conditions. What is clear, the government will not auction all oil and gas blocks simultaneously, but gradually instead.

Register now and get free access.

If you want to get free access to our Daily Insights and Weekly Digest, please click "Sign up" button below. If you already have an account, please login.

Sign up
Log in
What do subscribers receive?

As a subscriber, you'll receive daily insights, weekly business digests, and quarterly industrial reports.

What kind of pieces will i get?

In-depth reports on assumption and impact analysis, as well as update and trends mapping, written by our credible and experienced analysts.

And, there is something else…

Register now and get free access, click here to register. Feel free to contact us with any additional questions you have.