The Indonesian authorities and Petroliam Nasional Bhd. (Petronas) on Tuesday signed one other 20-year extension for the Ketapang manufacturing sharing contract (PSC) and concurrently signed a brand new offshore PSC.
The brand new extension follows an earlier 20-year extension for the Java Sea block introduced by Petronas January 4. The Ketapang PSC now lasts until 2048, Petronas mentioned in an announcement.
Below the most recent extension, Petronas stays the operator with a 77.6 p.c stake via its subsidiary PC Ketapang II Ltd. (PCK2L). PT Petrogas Jatim Sampang Energi and PT Saka Ketapang Perdana, each owned by the Indonesian state, are the co-venturers.
- Advertisement -
“Not solely will this 20-year PSC extension drive our steady development in Indonesia however solidifies our portfolio in East Java the place we additionally function two different Contract Areas”, PCK2L president director Yuzaini Md Yusof mentioned in an announcement.
“We’re profoundly appreciative for this assist, as we collaborate with the Authorities in direction of attaining Indonesia’s 2030 manufacturing targets”, he added. The federal government has set a purpose of elevating the Southeast Asian nation’s hydrocarbon manufacturing to 1 million barrels of oil per day and 12 billion cubic toes of gasoline a day by 2030.
In Ketapang, Petronas has 4 growth tasks, all within the Bukit Tua discipline. It has to date introduced just one profitable manufacturing properly, put onstream Could 2015.
In 2022 underneath the Bukit Tua Section 2B undertaking, Petronas spudded the BTJTBT2 properly, which has a goal depth of 1,890 meters (6,200.8 toes). Bukit Tua Section 2B targets 4 growth wells with a mixed capability of 12,500 barrels of oil equal per day and 30 million cubic toes of gasoline per day, in response to a Petronas press launch April 14, 2022.
In East Java province, apart from the Ketapang PSC, Petronas additionally holds operatorship of North Ketapang and North Madura II.
Petronas was awarded the North Ketapang block 2022. “Following this profitable bid, PETRONAS will function and maintain a 100% fairness within the 3,131.8-square kilometer [1,209.2 square miles] block with water depths of as much as 100 meters [328.1 feet] beneath sea-level”, it mentioned in a information launch March 18, 2022.
Within the North Madura II PSC, Petronas made its first discovery 2021. The Hidayah-1 exploration properly “encountered an oil-bearing carbonate build-up with good reservoir qualities within the Ngimbang carbonate formation and examined at roughly 2,100 BOPD with good crude high quality”, Petronas mentioned in a information launch February 24, 2021.
In the meantime the brand new PSC inked Tuesday covers the Bobara Working Space offshore West Papua Province. Petronas received the world in Indonesia’s 2023 bidding spherical with an award of 8,444.49 sq. kilometers (3260.4 sq. miles).
“Below the PSC, PETRONAS will function and maintain 100% fairness on this Working Space, the place the commitments for the primary three years contain three geological and geophysical research, together with 2,000 sq. kilometers [772.2 square miles] of 3D seismic information acquisition and processing”, Petronas mentioned in one other media launch.
Petronas added, “Presently, PETRONAS is the operator for the Ketapang, North Madura II, and North Ketapang PSCs, situated offshore East Java, and is a three way partnership accomplice in 5 PSCs situated each onshore and offshore Sumatra, Natuna Sea, East Java, in addition to East Indonesia”.
To contact the writer, e mail jov.onsat@rigzone.com
