Petronas Wins Indonesian Acreage Close To Previous Discovery

Petronas Wins Indonesian Acreage Close To Previous Discovery
Petronas has been awarded new acreage onshore and offshore East Java in Indonesia's latest Petroleum Bid Round.

Malaysia’s state-owned oil and gas Petronas has been awarded new acreage onshore and offshore East Java in Indonesia’s Petroleum Bid Round 2021.

The Indonesian government put eight oil and gas work areas on offer in November 2021. The winners of the auction for four areas were announced on Friday, March 18. Two of the blocks were awarded to BP, one to Mitra, and the fourth went to PC Ketapang II, a Petronas subsidiary.

The regular auction for Phase II of Bid Round 2021, which is offering another four blocks, will close on March 24, 2022.

Petronas said that its subsidiary won the North Ketapang block during the second round of the Indonesia Petroleum Bid Round 2021. The result was also announced by the Indonesian Ministry of Energy and Mineral Resources.

The Malaysian giant will operate and hold a 100 percent equity in the 1,210-square mile block with water depths of up to 330 feet below sea level.

“Petronas wishes to congratulate the government of Indonesia on a successful bid round. We are delighted with the outcome of the bid round as the North Ketapang block is located to an adjacent block where an encouraging discovery was made last year,” Adif Zulkifli, Petronas Executive Vice President and Chief Executive Officer for Upstream, said.

“With the support of the Government of Indonesia, we will continue to strengthen our upstream ventures towards unlocking greater value that contributes to the development of Indonesia’s energy industry. As a progressive energy and solutions partner, Petronas is committed to delivering a safe and reliable supply of energy to Indonesia,” he added.

The discovery Zulkifli was referring to was made in February 2021 with the Hidayah-1 oil well. The well lies in the North Madura II PSC offshore East Java which Petronas also operates. Petronas operates one more block off East Java – the Ketapang PSC.

The company is a joint venture partner in six PSCs located both onshore and offshore Sumatra, Natuna Sea, East Java, and East Indonesia.

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