Indonesia has awarded five oil and gas blocks to international consortiums in a strategic effort to strengthen its energy security and counteract a decade-long decline in oil and gas production.
The awarded blocks – Gaea and Gaea II in West Papua, Binaiya in offshore Maluku, Sepang offshore East Java, and Kojo in the Makassar Strait – represent a critical step toward replenishing the nation’s dwindling energy reserves.
Gaea and Gaea II, located in West Papua, were granted to a consortium of eight companies, including Enquest Petroleum Production Malaysia Ltd, BP Exploration Indonesia Ltd, and CNOOC Southeast Asia Ltd, with estimated resources of 9.6 billion barrels of oil or 71.8 trillion cubic feet of gas and 8.5 billion barrels of oil or 35.1 trillion cubic feet of gas, respectively.
The Binaiya block in offshore Maluku, holding an estimated 6.7 billion barrels of oil and 15 trillion cubic feet of gas potential, was awarded to PT Pertamina Hulu Energy, Petronas unit PC North Madura II Ltd, and SK Earthon Co Ltd.
PC North Madura II Ltd, alongside SK Earthon Co Ltd and Japan’s INPEX Corporation, secured the Sepang block offshore East Java, while Armada Etan Ltd won the Kojo block in the Makassar Strait.
“The government hopes these auction winners will be able to contribute to Indonesia’s energy security ahead,” stated Tri Winarno, a senior official at the Energy and Mineral Resources Ministry, during an online broadcast announcing the awards.
Looking ahead, Indonesia plans to offer nearly 60 additional oil and gas blocks over the coming years to attract investment and boost production, addressing the persistent decline in its energy output.
Once a prominent oil producer and member of the Organisation of the Petroleum Exporting Countries, Indonesia now relies heavily on imported energy to meet domestic demand.
As part of ongoing tariff negotiations, the country has proposed increasing energy imports from the United States, highlighting its shifting role in the global energy market.
At its 13th Annual General Meeting held on May 15, 2025, Stanbic IBTC Holdings PLC… Read More
Access Holdings Plc, one of Nigeria’s leading financial services groups, has announced a final dividend… Read More
Title: Entry-Level Programme Location: Lagos Job Type: Full-time Industry: Financial Services Job Description Join a… Read More
The UK's economy has defied expectations and shown strong growth in the first quarter of… Read More
Nottingham Forest striker Taiwo Awoniyi has awoken from an induced coma following successful surgery to… Read More
Chinese company Sun King, the world’s largest off-grid solar company, have secured financing from a… Read More
