Jakarta,-  The Ministry of Energy and Mineral Resources (ESDM) announced the winner of the bidding auction for oil and gas Working Area (WK) Phase III Year 2023 for WK Bobara, West Papua.

The auction was conducted through a regular auction mechanism starting from September 20, 2023 to December 15, 2023.

Director General of Oil and Gas of the Ministry of Energy and Mineral Resources, Tutuka Ariadji, said that WK Bobara is located in the waters of West Papua Province with an area of 8,444.49 km2 and contains potential oil and gas resources of up to 6.8 billion Barrel Oil Equivalent (BOE).

"The Bobara Working Area is located offshore West Papua with an area of around 8,400 KM2 and the potential of initial estimates of oil and gas resources of around 6.8 billion barrels of oil equivalent (BBOE) and the winner of the auction for WK Bobara is Petronas Carigali North Madura II Ltd," said Tutuka at the National K3 Month Closing event at Lemigas Office, Jakarta, Tuesday (20/2/2024).

Meanwhile, Tutuka revealed that from the results of the previous 2023 WK Oil and Gas Bidding, the government had signed the Contracts of 4 WK Oil and Gas, namely WK Akia, Beluga, Bengara I and East Natuna. So that with the addition of the Bobara WK winner, the government received a total firm commitment investment of US$ 51,620,000 and a total signing bonus of US$ 1,200,000.

"With the exploration activities in this new Working Area, it is expected that significant new oil and gas reserves can be found to increase oil and gas production in Indonesia," he explained.

Meanwhile, oil and gas WKs that do not have winners in the 2023 Oil and Gas WK Bidding, namely WK Natuna D-Alpha, Panai, Patin, Akimeugah I, and Akimeugah II are designated as Available Working Areas. This is a golden opportunity for interested Business Entities or Permanent Establishments to propose the management of this Available WK in accordance with the expected Terms and Conditions for the next 6 months.

To optimize the potential of oil and gas in Indonesia, Tutuka said that in 2024 the government also submitted WK candidates that are being evaluated to be offered.

"The government will continue to invite investors to conduct oil and gas exploration activities in an effort to help maintain national energy security. I want to emphasize that Indonesia still has abundant oil and gas potential to support energy needs," he added.

In addition, he also revealed that his party would also invite investors in oil and gas companies and technology providers to develop oil and gas potential in the country.

"We invite potential investors and Oil and Gas Companies that have the capability and meet the requirements to work with us to develop it. We also invite technology providers to support the development of the upstream oil and gas sector," he said.

Sources : Feb 20.24

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