Indonesia to Offer 26 Blocks During 2003 Licensing Round

During its 2003 exploration and licensing round, Indonesia will put 26 blocks out for bid. Eleven of the blocks will be located offshore East Java and the other 15 blocks were offered in 2002 but were not sold. The Mines and Energy Minister Purnomo Yusgiantoro said he is hoping the licensing round will boost revenue from oil and gas. He is optimistic that the areas will attract investors, as Indonesia needs more natural gas to supply its growing energy needs on Java.

During the 2002 licensing round only two of the 17 blocks were taken.