Shell controls 35 percent of the participating interest and the remaining 65 percent is controlled by a Japanese company called Inpex Corporation
This block was previously managed with Pertamina Hulu.
Bahlil Lahadalia held an inaugural meeting with all Echelon I within the Ministry of Energy and Mineral Resources (ESDM) on this Friday morning.
Pertamina Found Seven Oil and Gas Reserves in Indonesia This Year
TheIndonesia.id - In Semester 2 of 2022, PT Pertamina Hulu Energi (PHE) found three new oil and gas reserves locations, namely through the drilling of the R-2 Exploration well off the coast of West Aceh, Bajakah-001 in the onshore part of North West Java, and Markisa-001 in onshore Salawati Papua. In Semester 1 of 2022, Pertamina also found oil and gas reserves in four exploration wells in Indonesia.
"Until mid of August, which coincides with the 77th Independence Day of the Republic of Indonesia, PHE exploration has completed 8 wells and 7 ongoing wells which will be followed by flow testing. We hope that the completion target of 29 wells by the end of the year can be achieved and produce maximum results," said PHE's Director of Exploration, Medy Kurniawan, in an official statement in Jakarta on Thursday.
He said PHE, through exploration activities, is consistently committed to and contributes to achieving national energy security. In 2021 Subholding Upstream succeeded in drilling 12 exploration wells. In 2022, Subholding Upstream seeks to increase performance massively and aggressively through a work plan to drill 29 exploration wells, or 242 percent compared to the actualization in 2021.
Furthermore, Kurniawan explained that the discovery of new reserves from three exploration wells complements the successful discovery of previous reserves in Semester-1 in 2022, namely the Sungai Gelam Timur-1 well in Jambi, Wilela-001 in South Sumatra, GQX-1 in North West Java, and Manpatu-1X in Mahakam Kalimantan. The drilling success ratio until August 2022 (year to date/ YTD) reaches 70 percent.
"Of course, this success has the contribution of all relevant parties, both internal and external," he said.
In the exploration strategy, Kurniawan continued, his party has three main initiatives, including the existing Work Area (WK) assets where exploration contributions are needed in maintaining and increasing existing oil and gas production. Next is the New Ventures strategy which looks for new exploration potential.
Lastly, the partnership strategy for risk & cost sharing as well as technology & knowledge transfer through accelerated domestic and international cooperation and joint bidding processes.
In addition to optimal performance, PHE has also been registered in the United Nations Global Compact (UNGC) as a participant/ member since June 16, 2022. PHE is committed to the Ten Universal Principles of UNGC in its strategy and operations, as part of implementing Environmental, Social, Governance (ESG) aspects. ).
"Pertamina's Upstream Subholding will continue to develop professional management of operations at home and abroad to pursue the achievement of becoming a world-class oil and gas company," he said.