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December 5, 2024 | 12:20 pm
TEMPO.CO, Jakarta - The Indonesian Ministry of Energy and Mineral Resources (ESDM) on Tuesday announced the auction for six oil and gas blocks in the second stage of 2024. This auction presents exploration potential, with estimated reserves reaching up to 48 billion barrels of oil equivalent (BOE).
Acting Director General of Oil and Gas, Dadan Kusdiana, stated that the total number of blocks offered throughout 2024 amounted to 11.
“With the addition of these six working areas, boasting a combined potential of approximately 48 billion barrels of oil equivalent, the total number of working areas offered by the ESDM Ministry in 2024 now stands at eleven,” he said in Jakarta.
As reported by the ESDM’s official page, here are the details of the six oil and gas blocks being auctioned:
1. Air Komering Block
Area Size: 4,109.79 km²
Contract Scheme: Cost Recovery or Gross Split
Exploration Commitment: Geological and geophysical (G&G) studies including the acquisition and processing of 2D seismic data along a 250 km line.
Minimum Signature Bonus: US$300,000
Bidding Mechanism: Regular Auction
2. Serpang Block
Area Size: 8,497.73 km²
Contract Scheme: Cost Recovery
Exploration Commitment: G&G studies, including the acquisition and processing of 3D seismic data along a 400 km line.
Minimum Signature Bonus: US$300,000
Bidding Mechanism: Direct Offer
3. Kojo Block
Area Size: 8,473.21 km²
Contract Scheme: Cost Recovery
Exploration Commitment: G&G studies, including the acquisition and processing of 2D seismic data along a 500 km line.
Minimum Signature Bonus: US$200,000
Bidding Mechanism: Direct Offer
4. Binaiya Block
Area Size: 8,483.92 km²
Contract Scheme: Cost Recovery
Exploration Commitment: G&G studies, including the acquisition and processing of 3D seismic data along a 400 km line.
Minimum Signature Bonus: US$200,000
Bidding Mechanism: Direct Offer
5. Gaea Block
Area Size: 5,499.09 km²
Contract Scheme: Cost Recovery
Exploration Commitment: G&G studies, including the acquisition and processing of 2D seismic data along a 150 km line.
Minimum Signature Bonus: US$200,000
Bidding Mechanism: Direct Offer
6. Gaea II Block
Area Size: 6,773.77 km²
Contract Scheme: Cost Recovery
Exploration Commitment: G&G studies, including the acquisition and processing of 2D seismic data along a 100 km line.
Minimum Signature Bonus: US$200,000
Bidding Mechanism: Direct Offer
The auctions of the oil and gas blocks are a formal process where the government openly offers exploration and production rights to interested parties. The winning bidder is then granted the authority to conduct operations within the designated area.
The auction process is strictly governed by a framework of regulations, including Law Number 22 concerning Oil and Natural Gas. The winners of these auctions typically comprise a diverse range of companies, both domestic and international entities.
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