Madura Waters Amasses Huge Oil & Gas Potentials, Who Manages It?

Oil rig
Summary

The discovery of oil reserves in Madura waters, East Java, by Petronas Carigali North Madura II Ltd raised new optimism in Indonesia's upstream oil and gas industry. Hidayah-1 exploration well drilling in the North Madura II Block found 158 million barrels of oil (MMBO) reserves. SKK Migas Acting Head of Program and Communication, Susana Kurniasih, said the cooperation contract contractors (KKKS) are preparing to carry out their activities according to the program and budget (WP&B) plan. Therefore, additional new activities will be seen in the third and fourth quarters.

Based on WP&B 2021, SKK Migas expects the exploration drilling in five conventional oil and gas blocks and a non-conventional block. Susana said the success ratio of exploration well drilling activities stands at 30 percent. "We expect that the success rate in 2021 will be higher," he told Katadata.co.id, Thursday (2/25).

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