JAKARTA - Indonesia's upstream oil and gas regulator BP Migas said Monday it has approved 12 development plans, which involve around $830 million of investment, as the Southeast Asian country seeks to increase its output.
The two biggest investments among the 12 plans are for the Kepodang gas field in the Muriah Block and the second phase at the Sapi field in the East Kalimantan Block.
The Kepodang gas field, operated by Petronas Carigali Muriah Ltd., could produce an estimated 116 million of standard cubic feet of gas per day during its peak. An estimated $545 million worth of investment will be required to develop the gas field, which is expected to come onstream in the second quarter of 2015.
At its peak, Phase 2 of the Sapi field, operated by Chevron Indonesia Company, could produce an estimated 266 barrels of oil per day, 7.3 million standard cubic feet of gas per day, and 153 million standard cubic feet of liquefied petroleum gas per day. The field is expected to come onstream this year with investment around $158 million.
On top of the approved plans, BP Migas said it's processing proposals for another 22 development plans, although it didn't provide a time frame for approvals.
BP Migas and executives in the industry have said efforts to boost Indonesia's oil and gas output have been hampered by, among others, administrative delays, including long waiting periods for development approvals.
Copyright (c) 2012 Dow Jones & Company, Inc.
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