14-15 Apr, 2010 - Jakarta, INDONESIA
Crowne Plaza Jakarta
Crowne Plaza Jakarta
Is the tide turning for Indonesia’s oil & gas sector?
Indonesia's efforts to raise oil and gas output are yielding some results with a new field inaugurated and official production soon to begin at several other major projects. Gas production at the North Belut field has reached 265 million standard cubic feet a day and oil production has reached 20,000 barrels a day, according to upstream regulator BPMigas, outstripping a target set by operator ConocoPhillips (COP) last year.
BP Migas Chairman Raden Priyono also announced that five oil and gas projects worth US $908.9 million will be inaugurated in the first week of February 2010. The Dow Jones News Wire reported that official production will also be starting by the first week of February at Chevron Corp.'s (CVX) Seturian project in East Kalimantan, Total S.A.'s (TOT) Tunu Phase 11 and 12 projects in the Mahakam Delta, Santos Ltd.'s (SSLTY) Oyong Phase 2 field in the Madura Strait and Hess Corp.'s (HES) oil and liquefied petroleum gas facilities at the Ujung Pangkah block in Gresik, East Java.
With these new projects coming on-stream, the Indonesian government aims to raise average and natural gas production to meet rising demand from domestic industries and bring in export earnings.
Find out more about Indonesia’s plans to ramp up their Oil & Gas production at the 3rd Indonesia Oil Gas & Power conference, where top regulators from BPMIGAS and MEMR will be sharing essential updates. There will also be insights from Indonesia’s leading industry executives at the Jakarta conference, which meets on 14-15 April 2010. Confirm your seat for the conference right away by >>clicking here<< to sign up.
Indonesia, the world's third-largest LNG exporter behind Qatar and Malaysia, is seeking non-oil energy sources like natural gas to meet rising domestic demand for power and reduce consumption of crude oil as its reserves dwindle. For this reason, Indonesia is turning to Floating LNG as a cost-effective alternative to building pipelines.
A recent report in the Jakarta Post revealed that PT PERTAMINA and PT Perusahaan Gas Negara (PGN) inked a Joint Venture agreement to operate a floating LNG receiving terminal in the waters off West Java.
Construction on the terminal is slated to begin later this year, and completion is expected by 2011. The terminal will store between 1-1.5 million tons of LNG, and receive gas supplies from East Kalimantan of 11.75 million tons over 11 years.
Furthermore, Pertamina already plans to build a floating LNG receiving terminal near the capital Jakarta together with PGN, and recently announced that it will open a bidding round to procure ocean-going vessels to be converted into floating LNG-receiving terminals in East and West Java.
Those seeking updates on Indonesia’s burgeoning FLNG market should attend 3rd IndoOGP, where industry leaders and key regulators like BPMIGAS are expected to deliver updates on investment opportunities.
Confirm your seat at the conference early! >>Click here to Sign up<<
