PetroChina to Continue Its Operation in Jabung Block

Summary

PetroChina International Jabung Ltd. has finally secured a contract extension to keep operating the Jabung Block in 2023-2043. The Energy and Mineral Resources Minister, Arifin Tasrif, signed it on November 22, 2021. PetroChina claimed that the Jabung Block's oil and gas outputs had been stable and currently listed as one of the most productive work areas in Indonesia.

"Indonesia was PetroChina's first destination when starting out the overseas investment project in 2002. Therefore, this country will always have a special meaning for CNPC (China National Petroleum Corporation, PetroChina's parent company)," PetroChina President, Qian Mingyang, stated on Wednesday. Meanwhile, PT Pertamina Hulu Energi (PHE) Jabung increased the Participating Interest (PI) in the Jabung Block from 14.29 percent to 28 percent, but Petrochina will remain the operator of the oil and gas block located in Jambi with a 30 percent PI. "We are optimistic that this contract extension is the first step towards the target of 60 thousand BOEPD (barrel oil equivalent per day)," PHE Jabung President Director Taufik Adityawarman said.

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