Jakarta - Oil and gas auction in October
Published September 22nd, 2007
A number of oil and gas giants including U.S.-based Chevron, Exxon and ConocoPhillips, France-based Total and British-based Shell and BP, are set to submit their bids in the government’s next tender for oil and gas exploration projects in the country, an official says.
Even though the auction will likely be opened in October, R. Priyono, the energy ministry’s director for the upstream oil and gas industry, said Friday the big companies had submitted initial proposals, showing their interest in particular blocks located in the deep seas of eastern Indonesia.
Priyono said the most sought after block was the Semai block offshore Papua, which had attracted several major oil companies such as Chevron, Exxon, BP and Shell.
It is reported the block has a total potential reserve of 1 billion barrels of oil equivalent.
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