Several companies have expressed their interest in managing the oil and gas Andaman III Block following the departure of previous operators Repsol and Petronas. The two firms decided not to extend their exploration period, which ended on June 23, 2023.
"Around three to four companies have shown interest," Nanang Abdul Manaf, Advisor to the Head of the Upstream Oil and Gas Regulatory Task Force (SKK Migas), on Thursday, May 16, 2024.
According to Nanang, the interest emerged after Repsol and Petronas opted not to continue as operators of the Andaman III Block.
"Interest grew after Repsol announced they wouldn't continue as operators. Companies are now lining up," he said.
Repsol and Petronas chose not to extend the exploration period due to unsatisfactory results from drilling at the Rencong-1X well, which turned out to be a dry hole, meaning it did not find significant oil or gas reserves.
However, Nanang clarified that this does not necessarily indicate a complete lack of potential.
"It wasn't actually a dry hole; it just didn't meet Repsol's expectations. Repsol had hoped for results similar to those at Harbour but found different reservoirs that were not large enough to be economically viable for them," he said.
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