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Thursday, July 30, 2020

Government Direct Bid Process for Oil and Gas Block

"Those who are prepared first are auctioned. So if you are interested, we are more direct deals because there is more certainty from potential investors. But this has not been decided yet, "he said.

"Don't know when the auction will take place. We are still communicating with potential investors, "Mustafid said.

oil and gas blocks in Indonesia

"Currently we are continuing to ensure that investors can take the oil and gas block. Now the condition is being a Covid-19 pandemic and oil prices are falling, each company's strategy is adjusting, "he explained.


"Repsol focuses on three objectives for exploration, namely Alaska, the Gulf of Mexico, and Indonesia. It means, Indonesia is still interesting, meaning Repsol is asking for a legal auction process, "he said.

"From the Minister's instructions, if anyone shows interest, what is wrong with our process," said Ego.


 Investor Daily, Page-9, Thursday, July 30, 2020

Wednesday, July 29, 2020

Masela LNG Project Hampered by Land Problems

The Masela Block liquefied natural gas (LNG) refinery project in the Tanimbar Islands, Maluku, faces a winding road. After Royal Dutch Shell will leave the Masela Block, the problem now arises from the unfinished refinery holding.

Referring to the notes of the Special Task Force for Upstream Oil and Gas Activities (SKK Migas) until June 2020, the available land is still partial. Even though this project is targeted to operate or onstream by 2027.

    The problem of the Contribution is potentially more complicated. Because reportedly, the Sinar Mas Group is said to have bought a portion of land in the village of Lermatang, South Tanimbar, Tanimbar Islands, Maluku Province. Its location is in the Weminak River area, the border between Lermatang Village and Bomaki Village.

Even though Maluku Governor Murad Ismail in early June this year submitted the Governor's Decree regarding the determination of the allocation of the Masela liquefied natural gas refinery port on Nustual Island, Lermatang Village, South Tanimbar, to the Head of SKK Migas Dwi Soetjipto. In the Maluku Provincial Government Decree, the allocation is 27 hectares (ha). The land in that location is said to have been bought by the Sinar Mas Group.

"I have got a report. But because the large-scale land acquisition is handled by Jakarta, we submit this problem to Jakarta (SKK Migas). " Rinto Pudyantoro, Chief Representative of SKK Migas Papua Maluku.

But Rinto was reluctant to mention on behalf of what company and what price of land purchased by the Sinar Mas Group. Rinto only stated that, in principle, the Masela Blok LNG refinery project was a state project, so the land was bought and acquired on behalf of the Minister of Finance and became the property of the state. Likewise, private property to be purchased.

Gandi Sulistiyanto

The Managing Director of the Sinar Mas Group, Gandi Sulistiyanto, denied that he had bought or even owned land in the area.

"I have checked with the forestry and mining unit, there is no land in the area. Where's the news from? Which regency and province? "He said.

Acting Head of the SKK Migas Program and Communication Division, Susana Kurniasih, said that the Sinar Mas Group did not coordinate with SKK Migas.

"If it is true that Sinar Mas will be active in Lermatang Village, we hope that the activities will not interfere with the Masela project plan," he said.

    Moreover, the Tanimbar District Head, Maluku Governor and the Minister of Environment and Forestry (LHK) have agreed on the needs of the LNG refinery allocation. Head of SKK Migas. Dwi Soetjipto emphasized that the Masela onshore LNG Plant project should not be disrupted. The Central Government and regional governments have committed to that, "he said.

    Regarding the prospective LNG Plant location, the management of Inpex Corporation stated that it always refers to the Decree of the Maluku Governor. The exact location and area of ​​the Abadi LNG refinery will be finalized after the results of the survey and design study have been studied, "said MN Kurniawan. Act Corporate Communication Manager Inpex Masela.

Kontan, Page-1, Monday, July 27, 2020

Russian oil and gas company eyeing Tuna block

Russian oil and gas companies have the potential to enter and work on Participating Interest (PI) in the Tuna Block together with Premier Oil.

Deputy Head of the Special Task Force for Upstream Oil and Gas (SKK Migas), Fatar Yani Abdurrahman, did not dismiss the news of a Russian oil and gas company that wanted to become a partner of Premium Oil in the oil and gas working area in the Natuna Islands.

Rosneft Russia

Only he was still reluctant to mention the name of the Russian company. The reason, so far it is still waiting for official information from Premier Oil. It's just that the plans for new partners will enter do exist, "he said.

Fatar also has not detailed the rights of participation that will be acquired by the new Russian partner. Just so you know, the Tuna Block is managed by Premier Oil Tuna BV with an Interest Participation of 65%. 

Tuna Block Premier Oil Tuna BV

    The Acting Head of the SKK Migas Program and Communication Division, Susana Kurniasih, said that the government had given Premier Oil a two-year extension. The latest was approved by the Ministry of Energy and Mineral Resources at the end of 2019 ago.

Blogger Agus Purnomo in SKK Migas

"They already had a proposal for drilling two wells in 2020, but they said that the implementation of the activity was still waiting for a partner," Susana Kurniasih.

The Covid-19 pandemic also had an impact on the drilling plan by Premier Oil, even though drilling was needed to ensure the Tuna Block Plan of Development (PoD). This is also considered to have an impact on the certainty of partners in the Block.

Kontan, Page-10, Saturday, July 25, 2020

Upstream Oil and Gas Demands Immediate Incentives

The lively plan to leave global oil and gas companies from Indonesia must receive serious attention. Because, at present the competition in the upstream oil and gas investment portfolio at the regional and global level is getting tougher. Especially in the global pandemic situation that afflicts almost all countries in the world. Conditions that make oil and gas companies really count when investing.

"At that time, global companies will only aim at investment portfolios in countries that are considered truly profitable and occupy their priority scale," said Oil and Gas Observers from Trisakti University, Pri Agung Rakhmanto.

Now, to attract investment in upstream oil and gas, various government incentives need to be prepared. The incentive makes the oil and gas investment climate in Indonesia more attractive. 

       Just so you know, within this month, there are two global investors who want to leave the area hit by oil and gas in Indonesia. First Royal Dutch Shell (Shell) will sell its 35% stake in the Masela Block.

the Masela Block

The two PT Chevron Pacilik Indonesia (Chevron) are reluctant to continue the Phase II project in the Indonesia Deepwater Development (IDD) Block. Indonesian Petroleum Asociation (IPA) Executive Director, Marjolijn Wajong said oil and gas companies both domestically and globally are considering market conditions and oil and gas commodity prices, especially after the Covid-19 pandemic subsided.

the Indonesia Deepwater Development (IDD) Block

"Most still wait and see to see how things are after the pandemic has subsided," said Marjolijn Wajong.

Chairman of the Association of Oil and Gas Companies (Aspermigas), John S. Karamoy added, the government needs to be introspective with the current condition of oil and gas investment. The withdrawal of some global companies is expected to not interfere with the development of the upstream oil and gas business in Indonesia.

The Acting Head of the SKK Migas Program and Communication Division, Susana Kurniasih, admitted that her office continued to monitor developments in upstream oil and gas investment. Meanwhile, upstream oil and gas incentives are still being discussed together with the Ministry of Finance (MoF). 

    So far, there has been an incentive from SKK Migas in the form of postponement of the Depository Siter Restoration (ASR) deposit. Well, SKK Migas also proposes other stimuli to attract investment.

"We and the Ministry of Finance (Ministry of Finance) are discussing together, but the decision is not at SKK Migas," he said.

He revealed that the stimulus to delay the deposit of ASR was to ensure that the KKKS could continue their operations during the Covid-19 pandemic.

Kontan, Page-10, Saturday, July 25, 2020

Global Investors Get Out of the Jumbo Oil and Gas Project

The future of energy investment in the country is threatened to fade. One by one foreign investors send signals that they will leave the jumbo oil and gas project in Indonesia. The latest news is that PT Chevron Pacific Indonesia is unlikely to continue the development of the Phase II Indonesia Deepwater Development (IDD) project in the Kutai Basin in Kalimantan Tmur.

The oil and gas company from the United States claimed to have no capital to develop the Phase II IDD project. This is because the IDD project is not a priority and is not included in the global Chevron Group portfolio.

the Phase II IDD project

Corporate Communication Manager of PT Chevron Pacific Indonesia, Sonitha Poernomo, revealed that the Phase II IDD project could not compete for capital in Chevron's global portfolio. Therefore, Chevron is ready to exit the US $ 5 billion project.

Sonitha Poernomo

"We believe this project will have value for other operators," said Sonitha Poernomo.

IDD is a deep sea gas project developed by Chevron Indonesia Company (Cico) through four production sharing contracts, namely PSC Ganal, Rapak, Makassar Strait and Muara Bakau. There are five gas fields ready to be developed, namely Bangka Field, Gehem, Gendalo, Maha and Gandang.

the Masela Block

Chevron's intention to leave the energy project adds to the list of foreign investors with plans to leave. Not long ago, Royal Dutch Shell (Shell) planned to sell Participating Interest (PI) at 35% in the Masela Block. The investment value of the gas block is around US $ 19.8 billion.

Another foreign investor who wants to leave is Japan's Mitsui Corp. They plan to leave the Paiton power plant project, East Java. Mitsui holds 45.59 shares in the 2,045 MW power plant. Regarding the potential of the IDD project, Soenitha said, in fact the Kutai Basin was still an attractive hydrocarbon area. 

       Therefore, Chevron is confident that other operators can continue to develop. Until now, Chevron along with the government and potential partner partners have continued to establish communication to find solutions for the development of the IDD Block.

In this project, Chevron is the operator and majority shareholder of 63%. The remaining Eni, Tip Top, PT Pertamina Hulu Energi and Muara Bakau partners. Development of IDD Phase II includes the Gendalo-Gehem Field. Both fields will each have a floating production unit. 

     Discussion on Chevron's plan to leave the IDD Block has been busy since the beginning of this year. The signal is visible from Chevron's attitude of reluctance to provide a revised report on the IDD Block's development plan.

SKK Migas has not yet received certainty. Even though there are already several potential investors who have the potential to replace Chevron in the jumbo gas project. Acting Head of the SKK Migas Program and Communication Division, Susana Kurniasih, is still waiting for Chevron's official information. SKK Migas has written to Chevron related to the request for an explanation of Chevron's interest in phase II.

"The letter has been sent this week, so it takes time to wait for the answer," explained Susana Kurniasih, who was a former Voice Update Update journalist.

Dwi Soetjipto

The Head of SKK Migas, Dwi Soetjipto, explained that his party had continued to urge Chevron about the certainty of the continued management of IDD.

"We are still waiting for the Chevron report. Of course this should not be protracted," said Susana Kurniasih.

Hulu Migas practitioner, Tumbur Parlindungan assesses that there are several possibilities that make Chevron out of the IDD project. First, global conditions. Second, the problem of the transfer of management of the Rokan Block from Chevron to Pertamina. Third, the oil and gas investment climate in Indonesia might be considered unattractive for Chevron.

Kontan, Page-1, Friday, July 24, 2020

There is a Divestment Issue, the Masela Block Project Continues to Scroll

During the process of discussing the divestment of Royal Dutch Shell's participation rights in the Masela Block, a number of works related to infrastructure projects in the block are said to continue. 

the Masela Block

     Secretary of the Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) Murdo Gantoro said, there were a number of stages in progress.

"At the moment there are field preparations related to studies to complete the Environmental Impact Analysis, prepare a final investment decision and land acquisition," he said.

Even so, Murdo did not want to specify whether the divestment discussion process would make sense to disrupt the course of the activity. SKK Migas also cannot comment further regarding the latest developments from discussions between Shell and Inpex Corporation as the operator of the Masela Block.

 Maluku Governor Murad Ismail has submitted a Governor Decree concerning the determination of the location of Masela's liquefied natural gas refinery port to the Head of SKK Migas. The location is on Nustual Island, Lermatang Village, South Tanimbar, Tanimbar Islands, Maluku Province.

SKK Migas Deputy for Operations Julius Wiratno said, the area of ​​the transferred land had indeed reached some of the needs.

"There are still many more, for example to build LNG refineries, he said.

The location is determined to be approximately 27 hectares.

Kontan, Page-13, Wednesday, July 22, 2020

Pertamina will Boost Production of Rokan Block to Be 200 Thousand BPH

PT Pertamina (Persero) is committed to increasing oil production from the Rokan Block to return to 200 thousand barrels per day (BPD) after its management switches to the company in August 2021. On the other hand, the Regional Government hopes to get dividends from the oil and gas block starting in 2022.

the Rokan Block in Riau

PT Pertamina Hulu Energi (PHE) President Director Budiman Parhusip said that after the management of the Rokan Block switched to Pertamina starting on August 8, 2021, he would immediately continue drilling wells in the oil and gas block. Continuity of drilling activities is needed to increase oil production from the oil and gas block in Riau Province.

the Rokan Block

"So that from [production] 170-180 thousand BPD, we will try to increase by drilling a lot of wells so that it can reach 190-200 thousand BPD in the future, maybe even higher," he said.

He said well drilling was one of the strategies to increase Rokan Block oil production. In addition, another strategy is that it will try to apply some new technologies such as 3D seismic technology, see the possibility of doing advanced oil recovery (enhanced oil recovery / EOR) with chemicals, and other technologies.

PT Chevron Pacific Indonesia

Budiman added that his efforts to increase oil production in the Rokan Block highly depend on the implementation of the management transition period from PT Chevron Pacific Indonesia. At present, it is being discussed how to keep Chevron from drilling new wells in late 2020 and in 2021 to curb the decline in Rokan Block production.

"We hope that production can be maintained in the range of 170-180 thousand BPD when Pertamina takes over," he said.

This includes the preparation of a work program in the Rokan Block for next year. Thus, Pertamina has got a clear picture of what activities must be carried out once the management of the Rokan Block by Chevron ends.

"So, in August 2021, we were clear about what would be done, continue what the previous operator had done, even improved," said Budiman.

Satya W Yudha

Expert Advisor to the Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) Satya W Yudha revealed, the transition period for the management of the Rokan Block must take place well so that production does not go down. So far, there have been plans to drill wells by Chevron in 2020 and early 2021 to keep the production of the Rokan Block from falling dramatically. Although this matter needs further discussion with Chevron and Pertamina.

As per the proposal, Chevron will operate 2 rigs to drill 11 wells in the Rokan Block in November-December this year. Furthermore, in January next year, Chevron will run 5 rigs to drill 96 wells. Estimated costs needed for drilling are US $ 11 million in 2020 and US $ 115 million next year. In 2020, he acknowledged that the additional oil production from drilling activities was very small, namely only 500 BPD.

"We hope that if the commitment is carried out properly by Chevron, there will still be an additional 5,000 BPD when it is submitted to Pertamina in 2021. So the production will be 175 thousand BPD," Satya said.

On the other hand, according to the contract, Pertamina has a definite work commitment (KKP) for the first five years in the Rokan Block worth the US $ 500 million or around Rp 7.2 trillion. Some of the activities to be funded by the CTF include an EOR study of US $ 4 million, drilling of 11 exploration wells of the US $ 69.8 million, drilling of five Telisa wells of the US $ 18.1 million, stage-1 CEOR 7 pattern of US $ 247 million, and stage-1 steam flood Kulin or Rantau Bais US $ 88.6 million.

Regional Participation

Meanwhile, Deputy Governor of Riau Edy Natar Nasution revealed, the region is entitled to a Participating Interest (PI) of 10% in the Rokan Block. The right to this PI is automatically owned by the regional government once the Chevron contract in the Rokan Block ends on August 8, 2021. 

     Once the management switches to Pertamina, SKK Migas will write to the Governor of Riau to ask for his interest in the PI 10%. Once approved by the Minister of Energy and Mineral Resources (ESDM), his party will begin the process of taking the 10% PI and receive a share of the revenue.

"We hope that in 2022, the Riau Province and related regency governments can already receive dividends from the 10% PI," said Edy.

However, he admitted, his party had yet to establish a Regionally-Owned Enterprise (BUMD) that would manage the Interest Participation of that part of the area. At present, his party is still conducting a selection of its BUMDs to determine who is managing the PI 10%.

"The governor who determines [BUMD manager] after the selection is complete," he added.

In accordance with the Minister of Energy and Mineral Resources Regulation No. 37 of 2016, oil and gas contractors are required to transfer management rights to local governments by 10% by offering it to BUMD. The offer was made since the approval of the first field development plan.

Each BUMD may only be given PI management for one work area. The 10% PI offer to BUMD is carried out through a cooperation scheme with the contractor. The cooperation scheme is carried out by means of advance financing by the contractor.

In addition, Edy also hopes that there will be opportunities for local entrepreneurs and the people of Riau to be involved in the implementation of the project once the Rokan Block is managed by Pertamina. The reason is, as soon as oil prices fall due to the Covid-19 pandemic, the regional budget (APBD) of its region is also affected. This is because about 65-80% of the APBD still relies on oil and gas revenue-sharing funds. 

      As of the end of March, Rokan Block's oil production was far higher than the target of the 170,763 bpd State Budget (APBN), which reached 182,350 bpd. Until the end of the year, Rokan Block's oil production is projected at 172,434 bpd.

Investor Daily, Page-10, Wednesday, July 22, 2020

Monday, July 20, 2020

Looking for a Substitute Shell in the Masela Block

The desire of Royal Dutch Shell to flee from the Masela Block was so serious. Research institute Rystad Energy has even released research, Shell is eyeing funds of up to the US $ 2.2 billion from the sale of 35% of participating interest in participating in the Abadi Gas Field.

the Abadi Gas Field

Rystad Energy Readul Islam analyst said, even in good economic conditions, it is very difficult to predict the parties who are interested in buying Shell's participating shares in the Masela Block. 

     From its origin, global oil and gas players are likely to have shopped for current liquefied natural gas (LNG) exposures. He even considered Inpex Corporation could involve the Japanese government and the Japanese consortium to take over Shell's shares.

"But with Shell's value of US $ 2.2 billion, it is difficult to see Inpex, which is financially limited," he said, as quoted by energy voice dot com.

Executive Director of Upstream Consultant, Molyneux Advisors, Simon Molyneux, assessed that the Masela Block project has very high development costs and there are technical challenges that will be faced by potential buyers of Shell participation rights other than companies from Japan, according to him, it is possible that the Indonesian government will open up to investors come from China.

For investors from Japan, chances are, the Mitsubishi Group is also likely to be interested in the Masela Block, given Mitsubishi's lunge in general in Indonesia. Asia Pacific Research Director Wood Mackenzie Andrew Harwood said the plan to release Shell's participation rights in the Masela Block was more complex than the issue that had circulated about Shell's flee in 2019.

It is unlikely for giant oil and gas players to replace Shell in the Masela Block. According to him, there are several national oil and gas companies (NOCs) in the Asian region that have the opportunity to enter the Masela Block. The move is to market LNG to his country.

Rhea Sianipar

Shell Indonesia's Vice President for External Relations Rhea Sianipar was reluctant to answer the amount of the release of participation rights.

Rhea just said, "We cannot provide further comments regarding Shell's portfolio activities. There has been no comment from us," Rhea said.

Acting Corporate Communication Manager of Inpex Masela, Moch N. Kurniawan also declined to comment. But he ensured, his party remained focused on developing the Masela Block Abadi LNG project and was confident that the project would continue.

Nicke Widyawati

What about PT Pertamina (Persero)? When asked whether he was interested in taking Shell's shares in the Masela Block, PT Pertamina's Managing Director Nicke Widyawati only replied that his party was currently looking for opportunities to acquire oil blocks.

 "I am looking for oil, Masela is only gas," said Nicke Widyawati.

Kontan, Page-12, Monday, July 20, 2020

SKK Migas Urges Chevron to Immediately Decide on the Fate of the IDD Project

The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) urged Chevron Indonesia to immediately ensure the continuation of the .

SKK Migas Head Dwi Soetjipto revealed that his party was still waiting for a report from Chevron regarding the follow up of the IDD Project. He said he had even pursued an oil and gas company from the United States to rush to make a decision whether to continue this project or not.

"So our position is waiting for a report from Chevron. Of course, this should not be protracted, and we have urged Chevron, "he said.

It understands that after the Covid-19 pandemic and low oil prices, many planned activities must be reviewed by oil and gas companies. The current condition has an impact on all major oil and gas projects in the world. As a result, Chevron's follow-up on the IDD Project has been hampered.

    However, it urged Chevron to immediately report its plans related to the IDD Project. Moreover, Chevron is not the only oil and gas company interested in working on the deep-sea gas project in the Makassar Strait.

"Actually there are other parties who are also interested in this matter [IDD Project]. But of course, we are waiting for the official report from Chevron first, "said Dwi.

Referring to SKK Migas data, as of last June, the IDD Project is still in the process of evaluating the approval of the revised development plan (POD). In addition, the project is also still in the process of evaluating the proposed production sharing contract (PSC) for the Rapak Oil and Gas Block and Ganal Oil and Gas Block.

The IDD project combines two oil and gas fields, namely Gendalo Field, Ganal Block, and Gehem, Rapak Block. Still based on SKK Migas data, the project is targeted to reach peak gas production of 844 million cubic feet per day / MMscfd and 27 thousand barrels of oil per day (BPD). The US $ 6.98 billion projects are planned to start operating in the fourth quarter of 2025.

In fact, the Rapak Block contract will expire in 2027, while the Ganal Block in 2028. In addition, Deputy Head of SKK Migas Fatar Yani Abdurrahman had revealed, there was a change in the design of the IDD project, namely the production platform was moved to shallow water. Therefore, POD changes are needed.

    In the IDD Project, Chevron is the operator and majority shareholder of 63%. Chevron is working on this deep-sea oil and gas project along with other joint venture partners, namely Eni, Tip Top, PT Pertamina Hulu Energi (PHE), and Muara Bakau partners.

Investor Daily, Page-9, Saturday, July 18, 2020

Cepu Block Production Encouraged to Reach 235 Thousand BPD

The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) pushed the increase in production at the Banyu Urip Field, Cepu Block to 235 thousand barrels per day (BPD). This increase in production after the approval of the revised Cepu Block environmental impact analysis (Amdal).

Cepu Block

Acting Head of the SKK Migas Program and Communication Division, Susana Kurniasih, said that earlier this year, the production of the Cepu Block had been successfully increased to 220 thousand BPD. Now the oil and gas block production undertaken by Exxon Mobil Cepu Limited (EMCL) will be increased to 235 thousand BPD after obtaining a permit for it.

"We are coordinating with EMCL so that an increase in production of 235 thousand BPD can be realized. Hopefully, this business can be carried out soon, given that all the permits needed to increase production have been obtained, "he said.

The intended production increase permit is an Amdal amendment approval from the Ministry of Environment and Forestry (KLHK) and EMCL installation feasible approval (PLO) to support the production increase issued by the Directorate General of Oil and Gas. In addition, EMCL has also carried out a High Rate Test (HRT) to ensure production facilities are able to operate safely at the level of 235 thousand BPD.

According to him, HRT was implemented in 2019. However, the increase in production of the Cepu Block above 220 thousand BPD, could not have been carried out last year because it had not yet received the Amdal revision approval. Amdal at that time only allowed a maximum oil production of 220 thousand BPD.

"This year, the Amdal revision has been given by KLHK and the PLO has also been approved by the Directorate General of Oil and Gas to produce up to 235 thousand BPD," Susana said.

Optimization of production still takes into account aspects such as subsurface by applying good reservoir management in the Banyu Urip Field and Kedung Keris. In addition, increased production also takes into account aspects of security, reliability of production operations, and environmental impacts.

"It is hoped that the additional production from EMCL can help achieve the national oil and gas production target," he said.

Susan admitted, achieving the oil and gas production target this year was a challenge, especially with the Covid-19 pandemic and low oil prices. Many programs have been planned by oil and gas contractors, eventually, they have to be adjusted due to mobility restrictions. 

    As a result, several programs such as drilling, reworking, and maintenance of wells, and project construction were hampered. He mentioned EMCL as one of the oil and gas producers that we're able to achieve its production targets in the first semester, even exceeding the target of the State Budget.

"However, we are trying to maximize production from these work areas," Susana added.

Exxon Mobil Indonesia's Vice President Public and Government Affairs Azi N Alam expressed appreciation for all parties that have been involved in helping to accelerate the Amdal revision process and ongoing support for Banyu Urip Field operations in general.

"We continue to work closely with SKK Migas for the best efforts to increase the production of Banyu Urip and Kedung Keris by prioritizing security and the reliability of operations during the Covid-19 pandemic, "he said.

Until now, various optimizations in the Banyu Urip Project have proven to contribute more to Indonesia. One of them is the increase in reserves of the Banyu Urip Field by up to two times greater than the first plan of development (POD), from 375 million barrels to 940 million barrels. 

    In addition, Cepu Block oil production was also successfully increased by 33% from 165 thousand BPD to 220 thousand BPD. In fact, until the end of March, oil production from the Cepu Block reached 220,118 BPD from the target of 220 thousand BPD.

Investor Daily, Page-10, Friday, July 17, 2020