The Ministry of Energy and Mineral Resources has revealed that the potential for gas resources in the waters north of Bali Island is quite enormous, estimated to reach 4-5 trillion cubic feet (Tcf).
The Director General of Oil and Gas of the Ministry of Energy and Mineral Resources, Tutuka Ariadji, stated that the potential for gas in the waters north of Bali is almost equivalent to the potential in the North Ganal Block by Eni and the Andaman II Block by Harbour Energy.
This estimation is based on an old study conducted by the Lemigas Oil and Gas Testing Centre and the British oil and gas company, BP.
“In our opinion, this potential has to be drilled, similar to seismic models,” he said.
BP recently signed two cooperation contracts for Working Areas or oil and gas blocks, namely Block Agung I and Block Agung II.
Block Agung I covers an area of 6,656 square kilometres in the deep sea off the coast of Bali and East Java, while Block Agung II is located in the deep sea off the coast of South Sulawesi, West Nusa Tenggara, and East Java, covering an area of 7,970 square kilometres.
These areas have not been explored but have potential gas resources and are close to areas with increasing gas demand.
BP’s interest in the upstream oil and gas sector in Indonesia remains substantial, as BP continues to maintain a strong presence in Indonesia despite its decision to divest from several of its oil and gas projects in various other countries.