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According to sources, Indonesia’s state-owned energy company, Pertamina has sent its proposal for the Corridor block in South Sumatra. The ongoing ministerial regulation no. 23/2018 gives Pertamina and other contractors the right for extension bidding. This set of regulation will expire in 2023. Confirming the news, the Director General for Oil & Gas said “I received the initial proposal yesterday,".
In a meeting led by Indonesian President, a decision was taken under which Pertamina has to buy all the oil production of KKKS contractors in the country. This and various other decisions were taken, all in order to reduce imports and strengthen the position of rupiah. The export of 100 million tons of coal has already been planned by the government, a step towards the growth of foreign exchange earnings.
Indonesian state-backed Pertamina is planning to invest $237 million in a bid to develop the recently acquired Sanga Sanga oil block. Senior VP at Pertamina believes that the block has great potential and Pertamina will uphold its production. The estimated cumulative production Sanga Sanga oil block is around 258 million barrels of oil equivalent (mmboe).
Pertamina will take over the operation of Rokan oil block as soon as the Chevron’s operating contract expires there in 2021, informed the Deputy Energy Minister of Indonesia. Reportedly, the offer made by Chevron for an extension of its contract was very less than that made by Indonesian oil giant. Chevron has acknowledged the news and expressed its disappointment through a written statement.
A source close to the Indonesian oil giant, Pertamina revealed that the company has kept the August import quota of gasoline to about 10 million barrels, unchanged from July. The company is facing problems in achieving target prices and recently canceled a tender that necessitated 500,000 barrels of 92 RON gasoline. Pertamina has sought a total volume of 1.3 million barrels of gasoline for August loading and delivery.
Pertamina has terminated the construction of $800M Bojonegara LNG receiving terminal in Indonesia. The Indonesian oil major had joined hands with the Bumi Sarana Migas (BSM) for the construction of the project while Tokyo Gas had to carry out the engineering and design. Pertamina’s forecast of a sharp increase in gas demand after 2020 was proven wrong with the country still relying on cheap coal.
Indonesian state-owned PT Pertamina EP has developed 8 new oil/gas wells to compensate for the paucity of output after abandoning oil wells in the Tepian field. The 20 wells in the Tepian field have been secured by PT Adaro Indonesia for coal-mining project. Despite the fact that production is missing the target, exploitation in the sub-locale of Pugaan still continues as the project involved large fund.