Indonesia, Malaysia cooperate in exploiting oil field off Java Island

Indonesia’s upstream oil and gas regulator SKK Migas on January 10 announced that Indonesia has approved the first development plan for the Hidayah oil field, off Java Island, which will be run by Malaysia’s Petronas Carigali.

Tuesday, January 10, 2023 17:32

Indonesia, Malaysia cooperate in exploiting oil field off Java Island ảnh 1

An oil platform of Indonesia. Illustrative photo. (Photo: petroltimes.vn)

Jakarta (VNA) – Indonesia’s upstream oil and gasregulator SKK Migas on January 10 announced that Indonesia has approved thefirst development plan for the Hidayah oil field, off Java Island, which willbe run by Malaysia’s Petronas Carigali.

SKK Migas chief Migas Dwi Soetjipto said that Petronas foundan estimated 88.55 million stock tank barrel oil reserves in its newestexploration well at Hidayah-1 field.

Under the plan, the Hidayah field, part of the NorthMadura II block, is expected to be on stream in early 2027 with initialproduction of 8,973 barrels of oil per day (bpd) and reaching peak productionin 2033 with 25,276 bpd.

According to Dwi Soetjipto, the field will require around926 million USD in investment and nearly 2 billion USD in operation costs.

The field is expected to be in active production in the period up to 2041.

Dwi Soetjipto said that the development of the Hidayah fieldhopefully can increase oil production and contribute to a reduction of Indonesia's oilimports./.

VNA

#Vietnam Plus #Vietnam News Agency #Indonesia #oil exploitation #Malaysia #Java Islands

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