Pertamina Identifies 7 ‘Big Fish’ Fields in Eastern Indonesia

Seismic surveys covering 35,000 square kilometers from 2020 to 2022 revealed seven potential fields with significant oil and gas reserves.

Stepanus I Nyoman A. Wahyudi

29 Mei 2024 - 22.03
Pertamina Identifies 7 ‘Big Fish’ Fields in Eastern Indonesia

Illustration - Pertamina head office, Jakarta.

Bisnis, JAKARTA—PT Pertamina is moving to bag oil and gas fields within the country. Through seismic surveys conducted from 2020 to 2022 covering 35,000 square kilometers, the company has discovered at least seven “big fish” believed to hold significant reserves on both onshore and offshore locations.
 “Pertamina does not automatically own them [the fields]. We must go through a bidding stage either with partners or independently; this is currently in process,” said Pertamina President Director Nicke Widyawati in a meeting with House Commission VII on Tuesday (5/28/2024).
 Nicke said it would require a lengthy process to reach production on these big fish fields, most located in eastern Indonesia and predominantly containing gas. “This process is lengthy, around six to seven years, but recently, we have expedited the process to about five years. However, immediate production is not possible,” she explained.
 Exploration becomes increasingly challenging in remote areas, with higher costs and more significant risks. Through its upstream sub-holding PT Pertamina Hulu Energi (PHE), Pertamina has been conducting aggressive exploration activities, from which the state-owned oil and gas companies have produced notable results.

Over the past two years, PHE has made significant discoveries in existing blocks, including the R-2 discovery (offshore Aceh), Wilela (South Sumatra), GQX-1 (offshore West Java), East Akasia Cinta-001 (West Java), East Pondok Aren-001 (West Java), Manpatu 1-X (Kalimantan), and Wolai complex (Sulawesi).
 In 2023, PHE recorded oil production of 566,000 barrels per day (bopd) and gas production of 2,766 million standard cubic feet per day (MMscfd), totaling 1.044 million barrels of oil equivalent per day (Mboepd).
 “The success achieved through exploration activities in these mature existing block areas is also one of the strategies to optimize assets and maintain the pace of hydrocarbon production,” Pertamina wrote in a press release back in February.
 PHE also explores opportunities outside existing areas, such as merging or frontier areas. In 2023, PHE acquired exploration areas for gas-majority Peri Mahakam and Bunga in eastern Indonesia, East Natuna in the Indonesia-Malaysia-Vietnam border area, and the national strategic project Masela. By late July 2023, PHE had completed the strategic project of drilling a non-conventional oil and gas (MNK) well in Gulamo Field, Rokan Hilir, Riau.
 PHE is also making moves internationally, adding a 10 percent participating interest in Iraq and extending its MLN contract in Algeria.

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Jalan K.H. Mas Mansyur No. 12AKaret Tengsin - Jakarta Pusat 10220
© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.