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Indonesia approves a US$3bn plan to develop the Tuna offshore gas field

Indonesia’s upstream oil and gas regulator SKK Migas has approved a IDR45.4tn (US$3bn) development plan for the Tuna offshore gas field, located in the South China Sea between Indonesia and Vietnam. This first development plan for the Tuna field will consist of US$1.05bn in non-sunk costs investments, US$2.02bn in investments related to operating costs and US$148m in abandonment and site restoration costs.

The field, operated by the UK-based company Harbour Energy, is expected to begin production in 2026 and to reach a peak production of 115 mcf/day or 3.25 mcm/day (1.2 bcm/year) in 2027. Estimated recoverable reserves stand at 520.3 bcf or 14.7 bcm. Starting from 2026, part of the produced natural gas will be exported to Vietnam, as announced by the Indonesian Ministry of Energy in late December 2022.

In 2021, Indonesia had proved natural gas reserves reaching 1,189 bcm and produced close to 59 bcm. The country exported nearly 20 bcm of gas that year and consumed 41 bcm domestically. Indonesia aims to produce 12 bcf/day (124 bcm/year) of natural gas by 2030.

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