With the addition of that, then the new petroleum reserves that will be acquired is estimated at 321 million barrels, new natural gas reserves of 2.4 trillion cubic feet.
This was conveyed by the Director General of Oil and Gas, Energy and Mineral Resources Ministry, Evita Herawati Legowo in signing a contract extension of four oil and gas blocks in the Office of the Ministry of Energy and Mineral Resources, Jalan Medan Merdeka Selatan, Jakarta, Thursday (28/10/2010).
"Oil production will be generated during the renewal period is 174 million barrels and natural gas production 1.78 trillion cubic feet," said Evita.
Investment plan which will be issued on the fourth of this extended work area is U.S. $ 4.58 billion.
In the working area to be extended, further Evita, exploration commitment to the activities to be carried out seismic surveys and exploration drilling amounted to U.S. $ 155 million. Exploration commitment is needed to maintain the continuity of oil and gas production.
"In addition, it also represents the efforts to find new oil and gas reserves," he explained.
Evita said the fourth extension of the contract is made in two languages ie English and Indonesian. The fourth contract is the first Indonesian-language contract.
"Later contracts that will come also we make in two languages," he said.
As is known, on this day the government has extended the four blocks of South and Central Sumatra block, block A, block Bawean, and Block Madura Strait.
Block south and central Sumatra operated Medco E & P, where there are existing contracts that will expire on November 27, 2013. Block A in Aceh, which also operated PT Medco E & P Malaka, the existing contract expired August 31, 2011.
Then Bawean block, operated by the Java Sea Gull Resources Canada Inc.. Where existingnya contract will expire February 6, 2011 and the last to block Madura Strait Madura operated by Husky Oil Ltd., the existing contract expired on October 19, 2012.
"The maximum time period of 20 years," he said.
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