JAKARTA - The Indonesian government Thursday awarded 14 new oil and gas blocks to investors as the former member of the Organization of Petroleum Exporting Countries struggles to boost crude oil production.
Edi Hermantoro, director general of oil and gas at the Ministry of Energy and Mineral Resources, told reporters the 14 blocks were part of the 16 the government offered to investors last year. Two of them failed to attract interest from investors.
Among the 14 blocks, Mr. Hermantoro said the government awarded:
He said the investors will spend $84.30 million in total on exploration activities during the first three years.
Copyright (c) 2012 Dow Jones & Company, Inc.
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