LogIn LogOut

Repsol Makes Huge Find in Indonesia

February 20, 2019

(Image: Repsol)
(Image: Repsol)

A consortium led by Repsol has found new gas resources in Indonesia estimated at at least 2 trillion cubic feet, the Spanish oil and gas firm said on Tuesday, equivalent to around two years' worth of Spanish demand.

The discovery at the Sakakemang block in South Sumatra is among the 10 largest finds worldwide in the last 12 months, and the biggest in Indonesia for 18 years, Repsol said.

Following its strategy to maximize the use of gas as major economies phase out carbon, Repsol plans to drill another appraisal well in the area in the coming months, it said.

The Madrid-based firm operates the well and holds a 45 percent stake, while Malaysia's Petronas owns 45 percent and Japan's MOECO the remaining 10 percent.

The find would translate into more than 350 million barrels of oil equivalent. Before this find, Repsol had global gas reserves equivalent to around 1.7 billion barrels of oil.

(Reporting by Isla Binnie; Editing by Jan Harvey)



Current News

Kuwait's KUFPEC Makes First Operated Offshore Discovery in Indonesia

Kuwait's KUFPEC Makes First Operated Offshore Discovery in Indonesia

INPEX Books HAKURYU-5 Semi-submersible Drilling Rig for Japan Offshore Drilling Project

INPEX Books HAKURYU-5 Semi-submersible Drilling Rig for Japan Offshore Drilling Project

Blue Petra Orders Fast Crew Boat from Strategic Marine

Blue Petra Orders Fast Crew Boat from Strategic Marine

"Triple deficit": Morgan Stanley Expects $100 a Barrel in 2H 2022

"Triple deficit": Morgan Stanley Expects $100 a Barrel in 2H 2022

Australia: Santos Bullish on Prices after Reaping Record Revenue

Australia: Santos Bullish on Prices after Reaping Record Revenue

HeliService to Provide Offshore Helicopter Services for Vestas in Taiwan

HeliService to Provide Offshore Helicopter Services for Vestas in Taiwan

Japanese Firms Team Up to Reduce Cost of Floating Offshore Wind

Japanese Firms Team Up to Reduce Cost of Floating Offshore Wind
photo

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com