Indonesia's Oil & Gas Potential Brings Back Appetite to Global Players

By Editorial Team 27/07/2022
Oil rig
Summary

The Ministry of Energy and Mineral Resources (ESDM) revealed that the world's energy giants, which had left for a while, became interested in the potential for oil and gas in Indonesia. Director General of Oil and Gas Tutuka Ariadji said the phase I auction of the conventional oil and gas working area in 2022 attracted big companies that had withdrawn from Indonesia and participated in the bidding, without giving in detail the name of the oil and gas company.

The Energy Ministry said the discovery of enormous oil and gas resources in the Andaman II Block was the one that attracted global energy companies. Premier Oil, Andaman II Block operator, has found potential gas resources reaching 6 trillion cubic feet (tcf) in the Timpan-1 exploration well. Premier Oil discovered oil and gas reserves after completing drilling a well with a water depth of 4,245 feet.

Another driver is the global energy crisis following the conflict between Russia and Ukraine. The crisis has prompted energy companies to seek new sources to respond to the shortage and secure long-term supply.

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