Pertamina's US$ 466 Million Investment in Seven Oil and Gas Blocks

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24/04/2018 13:30 WIB

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A three-year initial investment commitment of USD 556.45 million, or Rp 7.45 trillion.

First Three Years' Commitment Value (in USD millions)

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Pertamina's US$ 466 Million Investment in Seven Oil and Gas Blocks

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First Three Years' Commitment Value (in USD millions)

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The Ministry of Energy and Mineral Resources (ESDM) awarded Pertamina seven working area contracts from eight oil and gas blocks last Friday. Pertamina paid a Signature Bonus of approximately USD 33.5 million (equivalent to Rp 448.9 billion) with a firm commitment of USD 556.45 million (Rp 7.45 trillion). The largest commitment in the first three years is for the Sanga-Sanga oil and gas block, valued at US$ 237 million. In the signing ceremony, ESDM also granted an amendment to the Mahakam Working Area (WK) due to the merger of the Tengah block with this largest oil and gas producing block in East Kalimantan.

The Director General of Oil and Gas at the Ministry of ESDM, Djoko Siswanto, stated in a press release after the signing that he hoped Pertamina, now the official full operator of the seven terminated oil and gas blocks, would maintain oil and gas production levels.

10% of the firm commitment funds will be held as Performance Bonds to guarantee Pertamina's fulfillment of its obligations. "If Pertamina fails to meet its firm commitments as planned, the funds in the Performance Bonds will be transferred to the state treasury. However, if they fulfill their firm commitments and achieve greater efficiency, the excess funds can be reclaimed," he said.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."