Indonesia’s Ministry of Energy and Mineral Resources has launched the country’s first oil and gas auction of 2024, offering five blocks. In addition, the Indonesian Government has pledged to boost hydrocarbon exploration to reverse output declines that the country has been facing.
The sites offered are the Pesut Mahakam onshore block in East Kalimantan province, with estimated resources of 20 mbl of oil and 1.1 tcf (31 bcm) of gas, the Panai Block with estimated resources of 500 bcf (14 bcm) of gas, the Central Andaman exploration block with estimated resources of 100 mbl of oil and 500 bcf (14 bcm) of gas, and the Amanah block with estimated resources of 50 mbl of oil and 450 bcf (13 bcm) of gas. The Melati block (Sulawesi), which has onshore and offshore fields with estimated resources of 4.7 tcf (133 bcm) of gas and 850 mbl of oil, is also included in the auction.
Indonesia plans to offer up to ten new blocks in 2024. According to the ministry, out of 128 hydrocarbon basins in the country, 68 remain entirely unexplored.
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