JAKARTA (RambuEnergy.com) – Repsol, a global energy company based in Madrid, Spain, and its partners PETRONAS and Mitsui Oil Exploration (MOECO) have discovered significant gas resources in South Sumatera, the largest gas find in Indonesia in 18 years.
“The KBD-2X well in South Sumatra provides a preliminary estimation of at least 2 TCF of recoverable resources,” Repsol said in a statement.
“The find is the largest discovery in Indonesia in the past 18 years and represents new resources for the Indonesian market that will help fuel economic development,” it said.
The discovery was made in the Sakakemang block in South Sumatra, where Repsol, as operator, holds a 45% working interest. PETRONAS owns 45% and MOECO the remaining 10%.
The discovery is also among the ten largest finds worldwide in the last 12 months, the company said in a statement.
The company will continue the exploratory work in the coming months with an additional planned appraisal well.
Repsol has cooperated closely with Special Task Force for Upstream Oil and Gas (SKK Migas) on the exploration activity carried out in the block and continues to work on next steps with Indonesian authorities.
The Head of SKK Migas Dwi Soetjipto said the discovery was done after second drilling was undertaken, namely the KBD-2x well. The reserves were discovered after the drilling, which began on Aug. 22, 2018, reached 2,430 measured depth (MD).
Soetjipto said in the next few days, Repsol will conduct a production test. “This is a mature block, however, the discovery was made and has the potentiality to jack up Indonesia’s gas production. So, there is no reason for us to be pessimistic,” Soetjipto said.
Repsol said its exploration strategy is geared toward maximizing use of gas as a low-carbon alternative for power generation, a key driver in the energy transition.
Indonesia remains the focus of Repsol’s exploration investments in Southeast Asia.
Repsol holds several licences in Sumatra, both onshore and offshore, and plans to execute an intense drilling and seismic acquisition campaign in 2019 and 2020.
Repsol’s exploration and production strategy is focused on the development of gas assets, considered a key fuel for the energy transition to a low-carbon global economy. Gas makes up three-quarters of the company’s reserves and two-thirds of output.
Repsol has made more than 50 hydrocarbon discoveries during the 2007-2019 period. Ten have ranked among the largest hydrocarbon finds worldwide in their respective years, demonstrating Repsol’s exploratory abilities. More than half of these discoveries are already in production.
Repsol has proprietary cutting-edge technology that has allowed the company high exploration success and develops innovative projects in this area of expertise in collaboration with world-renowned companies and institutions.
Repsol produced 15 million barrels of oil equivalent in 2017 in Indonesia, mainly from the asset known as Corridor, South Sumatera. Repsol owns mineral rights to six blocks: five exploration blocks and one in production/development.
The company has also been present in Indonesia through its lubricants business for 20 years, with local production since 2006. Thanks to the growth of the past three years, Indonesia has become the third-largest market for Repsol lubricants worldwide. (*)
Edited by Roffie Kurniawan (Email: email@example.com)