The Ministry of Energy and Mineral Resources of Indonesia (ESDM) has announced the Phase I Year 2023 Oil and Gas Work Area Offer, offering three oil and gas exploration blocks at this stage. They proposed work areas have combined estimated resources of nearly 2.5 Gbl of oil and over 9 Tcf (255 bcm) of gas. The Akia working area located off the coast of North Kalimantan is estimated to hold 2 Gbl of oil and 9 Tcf of gas (255 bcm), the Beluga working area off the West Natuna coast 360 mbl of oil and 50 bcf (1.4 bcm) of gas, and the Bengara I working area on the North Kalimantan Plain 90 mboe of oil and gas. Bids are due by 9 May 2023.
In March 2023, the Ministry of Energy and Mineral Resources awarded 4 oil and gas exploration blocks in a Direct Offer auction as part of the second round of 2021 Oil and Gas Working Area (WK) Bid Round, signing US$1.2m in bonus. The total investment value of the 4 WKs is US$14bn. The Ministry aims to offer 10 oil and gas working blocks in 2023, including one block in the South China Sea, in an attempt to make new discoveries and to increase oil and gas production.
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