Govt to auction off 10 oil and gas blocks

The Ministry of Energy and Mineral Resources said on Friday it would offer 10 new oil and gas blocks for investors.

The 10 blocks are located in Jambi (one block), off the southern coast of Banten (one block), off the northern coast of East Java (three blocks), off the southern coast of Timor Barat (one block), off the coast of Tanimbar (two blocks) and in the Bird?s Head area of Papua (two blocks), the ministry said in a statement.

The ministry did not specify when the auction will start.

In February this year, the ministry offered 11 blocks for investors. A total of 13 companies submitted bidding proposals to develop eight of the 11 blocks.

In order to attract investors, the government raised contractors? share in the future oil and gas production of the 11 blocks.

The ministry indicated that it would provide similar incentives to investors interested in the 10 blocks. (Godang)