Indonesia in the first five months of this year has approved 12 plans of development (PODs) for new offshore and onshore oil and gas projects with combined investments of more than $1.34 billion.
Upstream regulator SKK Migas and the Ministry of Energy & Mineral Resources have given the green light for operators to progress field development with total proven reserves of 114.4 million barrels of oil equivalent.
SKK Migas’ acting deputy for planning, Julius Wiratno, noted the reserves additions from the 12 PODs were higher than originally envisaged.
Oil and gas projects that have been approved through to 31 May include national company Pertamina’s Bambu Besar, West Suko, Handil WF, Kumis-02, Bentayan and Acacia Bagus-Ganta fields. Compatriot Medco Energi received the go-ahead for its Forel Bronang field development, while its Malong Belida reserves updated PoD was also approved.
Two other local players – Energi Mega Persada and Sele Raya Merangin Dua – respectively had their Melibur and Belato field developments approved.
SKK Migas noted the only foreign-operated PoD to be approved so far this year was Chevron’s Rokan phase 2 OPLL.
Wiratno said that the upstream regulator this year is targeting 28 POD approvals, which are intended to add additional reserves of 625 million boe. However, several of these will require incentives to get them off the drawing board, he admitted.
Approval of the plans that do not need incentives should be completed by September while SKK Migas is hoping to achieve the targeted 625 million BOE-worth of 2021 PoD approvals in November.
OPPL stands for Optimasi Pengembangan Lapangan Lapangan or field development optimisation.