Tarakan oil block in East Kalimantan has significant oil gas reserve

Subono MT, the Head of the Environmental and Natural Resources Office of the Tarakan regency in East Kalimantan said in Tarakan on Tuesday that the Tarakan oil block which covers about 650 kilometers still has significant oil and gas reserves, Kaltim Post reported on Wednesday.

Subono said that the development of the oil block, which also encompasses Bulungan regency was recently discussed in Samarinda with related officials from the provincial administration of East Kalimantan.

"According to new oil and gas law, if the central government wants to offer it to investors, it should first consult with the local government," he was quoted as saying.

The untapped oil and gas reserves in the area are still quite significant although part of the area has been developed by PT Exspan. "The area which has been explored by Exspan is only about five percent," he added.

According to an initial survey made by PT Geotek, the oil block has a proven oil reserve of 424,601 barrels of oil and a proven gas reserve of about 308.6 billion cubic feet of gas. (*)