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Indonesia gives exploration rights on 22 oil fields JAKARTA - Indonesia has awarded rights for exploration on 22 oil-and-gas blocks to energy companies, including ConocoPhilips, Chevron and Husky Energy, a director at the energy ministry said here Friday. "22 blocks have been awarded to foreign and local companies," Evita Legowo, director at the ministry told on telephone. The director said that a U.S. unit from Chevron got a right to look for oil on onshore and offshore oil and gas blocks of West Papua I and West Papua II.

ConocoPhilips was awarded offshore oil and gas block in Arafura Sea in Maluku province, and Husky Energy Inc got a right to offshore North Sumbawa II oil-and-gas block, in Nusatenggara province, said Evita. The director said that the total commitment of investment on the first three years of exploration was 375.5 million U.S. dollars. "In the first three years the companies must start exploration, should they fail, it could be extended to another 6-year," she said.

The government also gave the right to a consortium of Marathon Indonesia, a unit of Marathon Oil Corp, and Kanzai Oil on onshore and offshore block in Sulawesi. The rest of the fields were awarded to local and other foreign companies. The country has also provided financial incentive in exploration to boost production. The growing population and economic activity in Indonesia, which leads to the rise of oil consumption, has made the country become a net oil importer since 2003, as it failed to find new blocks amid the aging wells which causes declining in production, according to Indonesian Minister of Mines and Energy Purnomo Yusgiantoro.



Posted in Economy @ 17 October 2008 11:27 CET by Jeroen · 'Blog' RSS feed · permalink






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