Indonesian oil and gas regulator BPMigas said on Monday that it has approved plans to begin development of 12 oil and gas fields this year.
The projects will likely require at least USD 830 million in investment and are expected to produce a total of 14,000 B/D of oil and 150 MMcf/D of natural gas at peak production levels, the Jakarta Globe reported.
The approved projects include the Kepondang field in the Muria block of central Java, which is operated by Petronas Carigali Muria and contains an estimated 480 Bcf of natural gas. Petronas will invest USD 385.3 million for the construction and infrastructure and USD 159.7 million for drilling, the regulator said. Production could begin during the second quarter of 2015 and will produce 116 MMcf/D of natural gas at peak production levels.
The regulator also approved a proposal from Chevron Indonesia for the second phase of development of the Sapi field in east Kalimantan. The field’s peak production targets are 266 B/D of oil, 7.29 MMcf/D of natural gas, and 153 MMcf/D of liquefied petroleum gas. Its development will cost USD 157.54 million, and production could begin this year.
The regulator said it rejected five projects and that 22 proposals remain under review.
