Indonesia Approves Harbour Energy's US$3.07 Bln for Tuna Block

By Editorial Team 03/01/2023
Oil rig
Summary

Energy and Mineral Resources (ESDM) Minister Arifin Tasrif approved the first Plan of Development (POD) for the Tuna Field of the Tuna Block operated by Premier Oil Tuna BV (Harbour Energy) based on the Upstream Oil and Gas Special Regulatory Task Force's (SKK Migas) recommendation. The project requires around US$1.05 billion worth of investment costs (excluding sunk costs), US$2.02 billion of operating costs up to the field's economic limit, and US$147.59 million in abandonment and site restoration (ASR) costs.

SKK Migas head Dwi Soetjipto claimed that, despite its high-risk nature, the project still managed to attract foreign investors. The government's incentives and flexible facilities can improve Tuna Field's economic viability. "The Tuna Field investment is very large, reaching US$3.07 billion or around Rp 45.4 trillion, so it will help strengthen and drive the national economy," Dwi Soetjipto said Monday.

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