OIL & GAS
As part of the Group’s overall growth strategy, the Group diversified into the oil and gas business in late 2014. The Group focuses mainly on low risk and low cost onshore oil and gas production and exploration in Indonesia.
ONSHORE OIL & GAS PRODUCTION
Commissioned by PT Pertamina EP in 2016 for the oil and gas production of petroleum in the Trembul Operation Area (“Area”), Bloral Regency in Central Java Province, Indonesia.
According to a Qualified Person’s Report (QPR) conducted in 2015, the Area is 47.6 sqkm wide and is estimated to have approximately 24.3 million stock tank barrels of contingent resources at depths up to 800 metres.
ONSHORE OIL & GAS EXPLORATION
Entered into an Investment Agreement in 2015 to conduct oil and gas exploration in the West Jambi Block (“Block”), South Sumatra, Indonesia. RISC Operations Pte Ltd, an international consultancy firm, has identified the Block to contain approximately 426 million barrels of potential oil reserves.