KEEPING AND PRUDENT USING INDONESIA’s NATURAL RESOURCES

STRATEGIC ASSESSMENT
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STRATEGIC ASSESSMENT. Jakarta. In the third quarter of 2019, State oil and gas company PT Pertamina, through its subsidiary PT Pertamina Hulu Energi, found new oil reserves in its Benewangi #J-01 well.

As part of efforts to augment its oil and gas reserves, Pertamina, through its subsidiary engaged in the upstream sector, focused on five new exploration areas, Pertamina Upstream Director Dharmawan H Samsu said in a written statement released on Wednesday.

With the well spudding having been completed in early 2019, the well produces 540 barrels of oil per day, he said. To develop the Benewangi well, Pertamina Hulu Energi has identified several prospective basement plays in working areas nearby, with prospective resources estimated at 500 million barrels of oil (MMBO). This prospect has the same petroleum system as the Benewangi well, he said.

In February 2019, Pertamina’s other subsidiary, PT Pertamina EP, also found gas reserves from the Randuwangi well in Subang district, West Java, which are projected to reach 15 million barrels of oil equivalent (MMBOE).

In this second quarter of 2019, Pertamina EP also found gas and condensate reserves in the Pertamina EP Asset 4 in Toli sub-district, Banggai district, Central Sulawesi province. The discovery of exploration well Morea-001 followed the discovery of reserves from exploration drilling in Wolai last year, with contingent resources of around 250 billion cubic feet of gas (BCFG) plus several million barrels of oil (MMBO).

The discovery of oil and gas reserves in Wolai last year and Morea this year will shore up Pertamina’s confidence in conducting exploration either through seismic or drilling activities and speed up Enhanced Oil Recovery (EOR) synergy programs to increase its oil and gas reserves, he said (https://en.antaranews.com/news/123336/pertamina-finds-new-oil-and-gas-reserves)
Meanwhile, Indonesia nickel miner Silkroad Nickel says it has obtained all the approvals necessary to get an export quota by end-June.

The latest milestone was obtained on April 8, when it received environmental approval for the construction of a nickel smelter and supporting facilities at its mine site in Sulawesi, Indonesia.

The Central Sulawesi’s Provincial Environmental Assessment Committee has now confirmed that the environmental feasibility requirements of the mining activities and construction of the smelter have been fulfilled, though this is subject to the Central Sulawesi’s governor’s decree on environmental feasibility and permits.

Hong Kah Ing, executive director and CEO of Silkroad Nickel, said: “We are pleased to receive the approval from the Provincial Environmental Assessment Committee. This is an important milestone for the company as we believe that we have now received all the necessary approvals, and have satisfied all the necessary conditions for the grant of the export quota by the competent authorities in Indonesia… barring any unforeseen circumstances, we expect to receive the export quota from the competent authorities by the end of June 2019.”

Shares in Silkroad Nickel last traded unchanged at S$0.36 on April 8 (https://www.businesstimes.com.sg/companies-markets/silkroad-nickel-obtains-key-approval-expects-export-quota-by-end-june).

Separately in Central Mollucas province, natural resources observer, Masdarsada said the government of Indonesia must be prudent to use and to keep our natural resources “Because the sustainability of natural resources will be played as key player to maintain and to spur national economic progress and the delivery of wealth around provinces in Indonesia,” Masdarsada explained (Red).


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