The Aceh Oil and Gas Management Agency (BPMA) said Repsol Indonesia was looking for partners to work on the Andaman III Block. Repsol is currently still exploring in the oil and gas block which is estimated to have a gas potential of 3-4 trillion cubic feet (Trillion Cubic Feet / TCF).
BPMA Deputy of Operations and Planning Teuku Muhammad Faisal said Repsol saw that they could not work on the Andaman III Block themselves. Therefore, the Spanish oil and gas company plans to release part of its Participating Interest (PI) ownership in the block to find partners.
Blogger Agus Purnomo in Petronas PC Ketapang
"Actually there is more that they are working on, namely partners to share PI, they are proposing. One of the candidates is Petronas, "he said. Currently, Repsol holds 100% PI in the Andaman III Block.
the Andaman III Block
Repsol is still carrying out exploration activities in the Andaman III Block. Referring to BPMA data, in 2017-2018, Repsol has conducted several exploration activities, namely acquisition, and processing of 3D seismic data covering 3,670 square kilometers (km2). In addition, Repsol has also procured long-lead items needed for operations.
Repsol
Now, Repsol is making preparations for drilling the Rencong IX Well. BPMA, continued Faisal, has given a recommendation for an extension of the exploration period of the Andaman III Block for two years. However, he said, the extension of this exploration period still had to wait for approval from the Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif.
According to him, the additional exploration period was given so that Repsol can continue drilling wells. The extension was even longer than Repsol's request, which was only around one year. Because the regulator has an interest so that exploration activities in the Andaman III Block can be completed.
"Repsol can be a maximum of two years, seeing their preparations in the past year and this year. They are optimistic indeed, asking for a year is enough, [but] instead of not completing the regulator also a hassle, "explained Faisal.
The reason is, it also needs time regarding the correspondence with the Minister of Energy and Mineral Resources. Acting Director-General of Oil and Gas at the Ministry of Energy and Mineral Resources, Djoko Siswanto, said that his party was still waiting for a recommendation from BPMA regarding the extension of the Andaman III Block exploration period.
"Still waiting for the BPMA recommendation for the extension. We wait 1-2 days, "he said.
The Andaman III Block covers an area of 8,440 square kilometers off the coast of Aceh. This block is located in a water depth of 1,300 meters in the North Sumatra basin area. Based on the results of a seismic survey that has been carried out, the Acting Task Force of the Aceh Oil and Gas Management Agency (BPMA) Azhari Idris said, the prospects are predicted to have 3-4 TCF potential.
The Well drilling by Repsol is planned to be carried out in the first half of 2020. The Andaman III Block is an exploration block that was won by Talisman at an auction of work areas in 2009. However, Repsol acquired Talisman in 2015 so that the block is managed by Repsol. The Andaman III production sharing contract was signed on September 11, 2009, and is valid for 30 years or until 2039.
Investor Daily, Page-9, Wednesday, November 6, 2019
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