Indonesia awards nine oil and gas blocks with an investment commitment of nearly $85 million

Indonesia awarded nine oil and gas blocks to several companies, securing an investment commitment of nearly $85 million to enhance the nation's energy security. The Bintuni and Drawa blocks, located offshore West Papua, were granted to a consortium comprising BP Exploration Indonesia Ltd, MI Berau B.V., CNOOC Southeast Asia Ltd, and Indonesia Natural Gas Resources Muturi Inc., holding estimated gas resources of 2.1 trillion cubic feet and 360 billion cubic feet, respectively. The Southwest Andaman block offshore Aceh, with a projected 3 trillion cubic feet of gas potential, was awarded to the UAE's Mubadala Petroleum Limited. A consortium of Japan's Inpex Corporation and BP Exploration Indonesia Limited received the Barong block off East Java and South Sulawesi, which has 2.9 trillion cubic feet of gas potential, while Medco Energi Internasional's unit, Medco Energy Linggau, secured the Nawasena block in East Java province. These awards are a strategic move by the Indonesian Energy Ministry to attract capital and develop material natural gas reserves across the archipelago. The specific timelines for exploration and development activities for each block were not disclosed in the announcement.

Counterparts (7)

Developer

Mubadala Petroleum Limited

company

Abu Dhabi-based oil and gas exploration and production company with $15B in assets under management and 4.5GW of operated capacity. Active across upstream oil & gas projects in Southeast Asia, the Middle East, and North Africa, with a strategic focus on long-life, low-decline assets.

Medco Energi Internasional

company

Jakarta-based oil and gas exploration and production company with expanding power generation portfolio, operating across Indonesia and internationally. Manages over 1,200 MW of power assets and holds key upstream oil and gas concessions, with a strategic focus on energy transition initiatives.

Partner

I

Indonesia Natural Gas Resources Muturi Inc.

company

Inpex

company

Tokyo-based global oil and gas exploration and production company with significant assets in LNG, oil, and natural gas. Actively diversifying into renewable energy, CCUS, and hydrogen projects, leveraging its expertise in large-scale energy development.

CNOOC Southeast Asia Ltd

company

Hong Kong-based upstream oil and gas operator and developer with over 3.2 GW of gas-fired power and offshore production assets across Southeast Asia. Subsidiary of CNOOC Limited, focused on brownfield development and production in Indonesia, Thailand, and Vietnam.

BP Exploration Indonesia Ltd

company

Jakarta-based oil and gas exploration and production subsidiary of BP plc, operating major LNG and upstream projects in Indonesia. Active in offshore gas and LNG for over five decades with significant production assets in West Papua and East Java.

M

MI Berau B.V.

company