In a bid to stem the steady decline in production Indonesia has awarded three oil and gas blocks to several local and foreign firms, the energy and mineral resources ministry said on Monday.
Investors are to spend a total of $27.7 million for exploration which includes a 3.5 million signature bonus for the government said Evita Legowo, the director general of oil and gas at the ministry.
Indonesia has turned in to a net importer of crude oil in recent years as production has slumped after a failure to tap new oil fields fast enough. The country has been offering new exploration rights and financial incentives for oil fields in a bid to stem the steady decline in production.
Some majors in the field like Ephindo oil and Gas Inc, Lundin and Salmander Energy , Murphy Overseas Venture were got blocks such as Sokang, south sokang and Wokam II respectively
Investors are to spend a total of $27.7 million for exploration which includes a 3.5 million signature bonus for the government said Evita Legowo, the director general of oil and gas at the ministry.
Indonesia has turned in to a net importer of crude oil in recent years as production has slumped after a failure to tap new oil fields fast enough. The country has been offering new exploration rights and financial incentives for oil fields in a bid to stem the steady decline in production.
Some majors in the field like Ephindo oil and Gas Inc, Lundin and Salmander Energy , Murphy Overseas Venture were got blocks such as Sokang, south sokang and Wokam II respectively
