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Business Desk

The Jakarta Post

Publication Date : 09-01-2013

Indonesia expects an increase in oil and gas investment this year after approving as many as 274 work plans and budgets from contractors.

Energy and Mineral Resources Minister Jero Wacik said in Jakarta on Tuesday that US$26.2 billion in investments was anticipated in 2013.

“We want all contractors in the country to implement their programmes as specified in their plans so that our targets for oil and gas output and state revenue can be achieved,” he said.

Jero, head of the interim upstream regulatory task force SKMigas, officially approved the 274 work plans and budgets in December of last year and yesterday handed them over at the task force’s headquarters in Jakarta.

Of the 274 oil and gas contractors, 74 are in the production phase, such as France-based Total E&P Indonesia in the Mahakam block in East Kalimantan.

The total investment for these 74 contractors is around $23.5 billion. They plan to drill 1,200 developing wells, 1,100 work-over wells and 100 exploration wells.