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Oil Drops Below $78 as OPEC+ Eyes Output Boost

Oil fell below $78 a barrel on Friday on the prospect that OPEC+ producers might step up a planned increase in output to ease supply concerns, although crude remained in sight of a three-year high reached this week. The Organization of the Petroleum Exporting Countries (OPEC) and allies, known as…

Indonesia: SKK Migas Approves Plans for Ubadari Gas Field and Vorwata CCUS Project

Indonesian oil and gas regulator SKK Migas has approved the Plan of Development (POD) for the Ubadari gas field and Vorwata Carbon Capture Utilization and Storage (CCUS) project, as the next stage of development at the Tangguh LNG project in Papua Barat, Indonesia, BP has informed. This new development is…

Road map to achieve record oil, gas production

Oil and gas resources continue to play an important role in Indonesia’s economy.  In a bid to maintain its contribution to the national economy and production, the upstream oil and gas sector has set a quite ambitious long-term target, namely achieving production of 1 million barrels of oil per day,…

Indonesian government pushes Sinopec to build oil depot in Batam

Jakarta (ANTARA) – Indonesia’s government has pressed Sinopec Group, a Chinese oil and gas conglomerate company, for materializing the construction of an oil depot worth Rp12 trillion in Batam, Riau Islands Province, which was stalled for eight years. “On July 29, 2020, Sinomart KTS Development LTD, a subsidiary of Sinopec,…

Pertamina’s TPPI kicks off $180m petrochemical plant expansion

Petrochemical producer PT Trans-Pacific Petrochemical Indotama (TPPI) has begun work to expand its sole refinery in Tuban, East Java, in cutting Indonesia’s petrochemical imports. TPPI, a subsidiary of state-owned oil and gas giant Pertamina, plans to raise its output capacity by 30 percent to 780,000 tons per year. The refinery…

Medco begins piping gas from offshore Meliwis field in East Java

PT Medco Energi Internasional, Indonesia’s second-biggest homegrown oil and gas company, has begun piping natural gas from the Offshore Madura Block in East Java. The publicly listed company piped 20 million metric standard cubic feet per day (mmscfd) of gas from the Meliwis Field in the Madura Block on July…

Indonesia grants oil and gas companies flexibility over production sharing contracts

Oil and gas companies in Indonesia may now choose to either use a cost recovery or gross split-based production sharing contract (PSC) thanks to a recently issued regulation. Energy and Mineral Resources (ESDM) Ministerial Regulation No. 12/2020, signed on July 15, revokes a rule that had made use of a…

SHAPING INDONESIA’S GAS FUTURE

Gas Indonesia Summit & Exhibition (GIS) is returning for the 5th edition in Jakarta and is shaping the Gas, LNG & Energy Dialogue in Indonesia. Join us in Jakarta from 10 – 12 June 2020 and connect with Indonesia’s gas, LNG and energy decision makers as they share their insights…