Italian oil and gas company Eni S.p.A. (E) will boost its investment in Indonesia to up to $1.2 billion next year from $400 million this year, a government official said Monday.
Italian oil and gas company Eni S.p.A. (E) will boost its investment in
Indonesia
to up
to $1.2 billion next year from $400 million this year, a government official
said Monday.
Haposan Napitupulu, deputy chairman for planning at Indonesian upstream oil and
gas regulator BP Migas, told reporters that Eni will increase the number of
well drillings next year. He didn't provide further details, however.
The government last year awarded production-sharing contracts to Eni for the
company's 100% interest in the offshore Arguni I Block in the
Bintuni
Basin
. Eni
is also operator of the North Ganal Block, which the government last year
awarded to a consortium of which Eni is part of.
The two blocks are in addition to Eni's areas of operations that include the
Muara Bakau, Bukat, Arguni, Krueng Mane and
West Timor
blocks.
Separately, BP Migas's chairman, Raden Priyono, said during the 10th
anniversary celebrations of the upstream oil and gas body that contractors will
be reimbursed by the government for the costs they incur for certain social
projects around their areas of operation.
"The minister of energy and mineral resources, within the next two weeks,
will issue a ministerial decree that will allow the funds for corporate social
responsibility projects to be included in the cost recovery," Mr. Priyono
said.
The cost recovery is the money the government reimburses to oil and gas
producers as part of the production costs.
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