Indonesia Launches Investment Opportunities in 60 New Oil and Gas Blocks

04 Nov 2024 CW Team

The Indonesian government announced the opening of investment opportunities for 60 new oil and gas blocks across 14 regions. Ariana Soemanto, the director of upstream oil and gas development at the Ministry of Energy and Mineral Resources, stated in a report on Monday that these blocks are prepared for exploration and development over the next four years.

Soemanto explained that, based on 34 joint studies, the government has identified 60 oil and gas blocks available for development and invited investors to collaborate in transforming these areas into productive sites, highlighting that attractive incentives would be offered.

Furthermore, Indonesia is actively seeking ways to increase domestic oil production to reduce imports. Soemanto noted that the government has provided several conveniences for investors, including direct offers that eliminate the need for joint studies and opportunities for exploration in open areas. She added that investors could also extend the exploration period beyond 10 years and mentioned that the government is reviewing the potential adjustment of the signature bonus scheme to an exploration commitment.

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