, pub-9591068673925608, DIRECT, f08c47fec0942fa0 Selling Oil and Gas Blocks, Owners Are Still Looking For Strategic Partners - MEDIA MONITORING OIL AND GAS -->

Wednesday, July 28, 2021

Selling Oil and Gas Blocks, Owners Are Still Looking For Strategic Partners

    Sales of oil and gas blocks during the Covid-19 pandemic created challenges. Oil and gas investors who will leave continue to look for buyers who are currently still waiting and see.

    There are four oil and gas blocks that will be sold this year. Namely, Chevron's IDD Block, ConocoPhilips' Corridor Block, Inpex's Masela Block, and Pertamina's Rokan Block on August 9, 2021.

Blogger Agus Purnomo in SKK Migas 

    Head of Program and Communication of SKK Migas Susana Kurniasih revealed, the process of selling oil and gas blocks is still long. The latest update is a notification by ConocoPhilips for a permit request to the Directorate General of Oil and Gas, Ministry of Energy, and Mineral Resources (ESDM) to disclose data. So the process is still early, so far there has been no update on whether there is a follow-up process," said Susana.

    Although the process is ongoing, Susana ensures that activities in Field will continue as usual. Quoted from the official ConocoPhilips website, the participating shares in the Corridor Block are 54% owned by the USA company, the remaining 36% by Talisman, and 10% by Pertamina.

    In 2019, ConocoPhilips signed a gross split cooperation contract to continue the contract in the Corridor Block for 3 years from the end of the contract in 2023. This means that management will continue until 2026 before being continued by Pertamina.

    In the new contract, there is a change in the number of participating shares with the composition of ConocoPhillips (Grissik) Ltd. (46%), Talisman Corridor Ltd. (Repsol) (24%), and PHE Corridor (30%). Participating Interest owned by the holders of interest includes 10% PI which will be offered to Regional Owned Enterprises.

    In addition to the Corridor Block, the oil and gas block divestment action is now taking place in two other blocks, namely Masela and Indonesia Deepwater Development. Of the three, only Block IDD will soon find a replacement partner. Chevron is said to be holding final point discussions with the Italian oil company, Eni.

    Meanwhile, the Rokan Block will also be sold. Pertamina is looking for a strategic partner. Executive Director of the National Oil and Gas Company Association (Aspermigas) Moshe Rizal said that the search for existing partners would likely affect operations. The current condition is not easy to find a replacement partner.

"Hopefully, after conditions improve, it can increase investment interest from outside, because I see that there are many incentives being prepared," said Moshe.

Kontan, Page-12, Thursday, July 22, 2021

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