Independent Indonesia Energy Corporation (IEC) is considering adding a third Indonesian asset to its upstream portfolio, with its eye on the onshore Rangkas block that is contiguous to its existing Citarum block on the island of Java.
IEC has entered into a joint study with the Indonesia government for Rangkas, an open area of 3970 square kilometres (981,008 acres) in West Java province.
“We believe that this area… holds large amounts of crude oil due to its proven petroleum system and location on the Northwest Java basin,” said IEC on its website.
