Farmout Forum Indonesia to feature 17 blocks
Thursday, September 12 2013 - 08:24 AM WIB
The government held an event on Thursday featuring 17 blocks, consisting of 12 oil and gas blocks and 5 coal bed methane (CBM) blocks, whose owners need new investors as partners to share the risk and results.
The so-called Farmout Forum Indonesia 2013 (FFI 2013) was held at Hyatt Regency Hotel in Yogyakarta.
?We facilitate PSCs who already have blocks to share risks with other parties or offer them to jointly explore oil and gas blocks,? Hendra Fadly, Director of Oil and Gas Business Empowerment at the Ministry of Energy and Mineral Resources, said during the ceremony to open the event.
Hendra said farmout mechanism is regulated in Oil and Gas Law No. 22/2001 and MEMR decree No. 27/2006.
The blocks featured at the FFI 2013 include Bontang Bengalon PSC, Sangatta I PSC, East Sepanjang, Melak Mendung I SPC, North Sumbawa II PSC, Rengat, West Tanjung, Wokam II, East Jabung, Malunda PSC, Southwest Bukit Barisan, Sekayu PSC, West Kampar, Andaman II and CBM Pulau Pisau.
The FFI was first held in Bali last year, which drew 25 companies to participate. Encouraged by the success of the first event, the ministry held the second FFI this year, which is drawing 27 companies to participate
Editing by Johannes Simbolon