Indonesia approves 3.35-billion-USD gas development plan

The Upstream Oil and Gas Special Regulatory Task Force (SKK Migas) of Indonesia announced on January 17 that it has approved a revised plan on development of its Merakes and Merakes East gas fields with a total investment of 3.35 billion USD.

Wednesday, January 18, 2023 17:43

Indonesia approves 3.35-billion-USD gas development plan ảnh 1

An oil and gas production rig off the coast of West Java, Indonesia. (Photo: Reuters)

Jakarta (VNA) - The Upstream Oil and Gas Special Regulatory Task Force (SKK Migas) of Indonesia announced on January 17 that it has approved a revised plan on development of its Merakes and Merakes East gas fields with a total investment of 3.35 billion USD.

The project operated by the local unit of Italian energy company Eni started gas production in April 2021 and supplies to the Bontang LNG facility in East Kalimantan province.

Chairman of regulator SKK Migas Dwi Soetjipto said the development of these fields will provide additional reserves to ensure supply to the East Kalimantan System so that the Bontang LNG refinery can operate more optimally.

Investment for Merakes and Merakes East gas fields was initially set at 1.3 billion USD with peak production at 368 million standard cubic feet (MMSCFD) per day

SKK Migas spokesperson Mohammad Kemal said the new development plan can increase the project’s total production capacity to maximum 440 MMSCFD.

According to SKK Migas, the gas fields are expected to operate until 2032.

Indonesia aims to increase production capacity to 1 million barrels of oil per day and 12 billion standard cubic feet per day by 2030 to meet the country's growing energy demand./.

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#SKK Migas #Indonesia #gas production #Merakes #Vietnamplus #Vietnam news #Vietnam News Agency

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