The Coordinating Ministry for Maritime Affairs and Investment guarantees the legal certainty of the development of the Tuna Block by the oil and gas company from the UK, Premiere Oil.
This is because the location of the Tuna Block in Natuna waters, which is the border of Indonesia, is prone to conflicts from the geopolitical side.
the Tuna Block By Premier Oil
Deputy for Maritime Sovereignty and Energy Coordinating Ministry of Maritime Affairs and Investment Purbaya Yudhi Sadewa said the government provides legal certainty guarantees for companies investing in Indonesia.
One company that needs this guarantee is Premiere Oil which is working on the Tuna Block, which is located on the border with Vietnam.
"So they asked us and we gave the certificate was Indonesian territory, so we maintain their security there. In 1-2 months we give the letter so that they can still operate there well there, "he said.
Zarubezhneft Rusia
In its annual report for 2019, Premiere Oil states that it has signed a prerequisite for the Heads of Terms with the Russian oil and gas company, Zarubezhneft Joint Stock Company (JSC).
The oil and gas company will take ownership of participating interest / PI in the Tuna Block by 50%. This stock sale agreement is targeted to be signed in 2020. Later, referring to the share sale agreement, Zarubezhneft will also bear the costs of drilling two appraisal wells that are planned to be carried out in 2020. The premiere is given an extension of the exploration period for one year by the government so that well drilling can take place.
Furthermore, Premier Oil is expected to submit the plan of development / PoD of the Tuna Block in March 2021. Still referring to the annual report, Zarubezhneft mainly has a stake in the oil and gas block in Vietnam. While the Tuna Block is located in the Natuna Sea which is close to the Indonesian and Vietnamese sea borders.
The Tuna Block is estimated to have oil and gas reserves of around 100 million barrels of oil equivalent. Then referring to the official statement, in 2017, Premiere Oil and SKK Migas as representatives of the Government of Indonesia signed a memorandum of understanding / MoU on gas sales from the Tuna Block to Petrovietnam.
The gas produced from the Tuna Block will be channeled to the Nam Con Son Pipeline System in Vietnam through a cross-country pipeline being built. After the transfer of ownership of the PI is approved by the government, Premiere Oil will hold a 50% stake as well as becoming an operator in the Tuna Block.
the Nam Con Son Pipeline System
In Tuna Block, referring to the Premiere Oil page, there are two fields to be developed namely the Sea Horse Field and the Sea Lion.
Deputy Head of the Special Work Unit Fatar Yani Abdurrahman, the Executive of Upstream Oil and Gas Business Activities, explained that the development of the Tuna Block has a high risk because of its location bordering the South China Sea. For this reason, Premier Oil must have a partner in working on the block.
Investor Daily, Page-10, Thursday, June 11, 2020.
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