Energy and Mineral Resources Minister Ignasius Jonan is optimistic the handover of 12 on-production oil and gas blocks is enough to give state-owned energy giant Pertamina a boost.
Global oil demand growth was a much heralded sidekick to supply cuts that rebalanced the market in record time. Now the Saudi Arabia-Russia pronged pact is considering reversing course on its output cut deal, while demand growth shows little sign of letting up.
Freeport McMoRan president and CEO Richard C. Adkerson arrived at the Energy and Mineral Resources Ministry on Friday at 11:20 a.m. for a meeting with the minister, although details on the meeting were not disclosed.
Coordinating Maritime Affairs Minister Luhut Pandjaitan says PT Chevron Pacific Indonesia (CPI), the local unit of the United States-based oil and gas giant Chevron Corp., has expressed interest in continuing its operation of the Rokan block in Riau, one of the most productive oil blocks in the country.
Energy and Mineral Resources Ministry oil and gas Director General Djoko Siswanto has said PT Chevron Pacific Indonesia has proposed a higher split from the oil extracted in Rokan Block if the company gets a contract extension.
A car belonging to mining company PT Freeport Indonesia employee Moren Francis Ras was shot up by an unidentified shooter at his house in the Hidden Valley housing complex at Mile 66 in Tembagapura, Mimika, in Papua on Friday morning, April 27th, police have reported. “The shooting damaged the car, but there were no injuries,” Mimika Police chief Adj. Sr. Comr. Agung Marlianto Basuki told The Jakarta Post.
Indonesian President Joko Widodo on Wednesday slammed state-owned oil firm Pertamina, saying it hadn't invested enough in exploration, while blasting red tape hobbling the industry and urging investors to report problematic rules to him directly.
Pertamina has signed agreements to take over the rights to eight expiring oil field blocks previously held by Chevron , CNOOC and Inpex, among others, an energy ministry official said on Friday. Pertamina also committed to spending $556.5 million on developing the fields over the next three years, including for drilling programs, exploration and workovers.
President Joko "Jokowi" Widodo has criticized state-owned energy company Pertamina for a lack of exploration. In its decades of existence, Pertamina had never been involved in exploring large oil blocks, the President said. "From the information I have, since the 1970s to date, [Pertamina] has never conducted any exploration on a large scale [...] What's up?" Jokowi said in his speech at the opening of the 42nd Indonesian Petroleum Association Convention and Exhibition in Jakarta on Wednesday.