Indonesia’s upstream oil and gas regulator, SKK Migas, has extended an offer to U.S. energy giant Chevron to explore offshore blocks in Bali, as part of a broader effort to attract major investment into the country’s untapped oil and gas reserves.

SKK Migas Chief Djoko Siswanto confirmed the offer during the 2025 IPA Convex event in BSD, Banten, noting that Bali and Eastern Indonesia are among the regions with significant hydrocarbon potential.

“We are offering promising oil and gas blocks in Bali and eastern regions, where the potential is substantial and requires major investment,” Djoko said on Monday, July 21, 2025.

The eastern region alone is estimated to hold around 15 trillion cubic feet (TCF) of gas reserves, presenting a major opportunity for companies with the capital and technology to undertake high-risk, high-reward exploration.

Chevron, which exited several Indonesian upstream assets in recent years, has been reviewing working areas (WK) in the country as part of a potential return. SKK Migas officials said the company is looking specifically for large-scale projects, ideally fields that have already seen significant discoveries.

Although Chevron has not yet entered the formal data acquisition phase, it has expressed early interest and is in discussions with the government. According to Rikky Rahmat Firdaus, SKK Migas Deputy for Exploration, Development, and WK Management, the company prefers to keep its activities low-profile at this stage.

“Chevron is still evaluating its options and hasn’t officially requested data yet. But they are interested in exploration, especially in blocks with high potential,” Rikky said.

The government is promoting partnerships for these large projects to help mitigate financial and operational risks, citing recent examples such as the US$92 million development of the Bobara block, which involved multiple contractors.

SKK Migas hopes that by opening strategic offshore blocks, particularly in high-demand areas like Bali, it can attract international players like Chevron to revitalize Indonesia’s upstream oil and gas sector and help meet the country’s future energy needs.