The Upstream Oil and Gas Regulatory Task Force (SKK Migas) was recently on a road show in Bangkok, Thailand, to introduce Indonesia’s oil and gas potentials and lure international investors to invest in the country’s oil and gas sector.
A team of SKK Migas took part in the Future Energy Asia 2024 Exhibition and Summit held at the Queen Sirikit National Convention Center in Bangkok on May 15-17, 2024. The team led by Chairman Dwi Soetjipto, who was also one of the speakers at the Leadership Panel: Asia and the New Global System Transformative.
The SKK Migas team used the event for investor engagement, meeting with several directors from PTT Exploration and Production Limited (PTTEP).
Chairman Dwi Soetjipto said SKK Migas’ meeting with PTTEP during the Future Energy Asia 2024 Summitit was a proactive step to invite potential investors to invest in Indonesia’s upstream oil and gas.
“PTTEP has a track record of investing in Indonesia, although so far it has not given encouraging results. Through direct explanation, related to the upstream oil and gas investment climate that is increasingly conducive and competitive, we hope PTTEP will return to invest in Indonesia,’ Dwi said in a statement on May 30,2024.
The Government of Indonesia and PTTEP − a national oil and gas company owned by Thailand − has had a long history of cooperation. PTTEP has operated two exploration working areas in Indonesia, namely Malunda Working Area and South Mandar Working Area.
PTTEP has invested more than US$130 million in oil and gas exploration. PTTEP, in terms of exploration activities, is categorized as active and aggressive. For the two working areas, several studies have been carried out and around 3,000 km2 of 3D Seismic acquisition & processing activities have been held, but unfortunately, these activities have not produced results and PTTEP must hand back the two working areas to the Government.
Dwi said further that during the meeting, PTTEP has expressed its interest to invest and operate oil and gas working areas in Indonesia as well as farm in oil and gas portfolios in Indonesia.
“As a follow-up to the meeting, SKK Migas has coordinated with the Coordinating Ministry for Maritime Affairs and Investment. And currently SKK Migas has received the green light to discuss technical opportunities in Indonesia with PTTEP,” he said.
PTTEP is expected to focus on potential areas in Sumatra, East Java, and Kutai, where PTTEP has collaborated with SKK Migas previously to conduct regional studies.
At the meeting, Dwi specifically and exclusively handed over the Western Indonesia Study Report Book which can be a reference for PTTEP to see the oil and gas exploration portfolio in Indonesia.
