FACT-MASTER
1 week ago
INDO: Indonesia Energy to Present at H.C. Wainwright 26th Annual Global Investment Conference
Indonesia Energy Corporation Limited
President Frank Ingriselli Will Present Update on Development and Drilling Plans
JAKARTA, INDONESIA AND DANVILLE, CA, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced its President, Frank Ingriselli, will be presenting at the H.C. Wainwright 26th Annual Global Investment Conference on Tuesday, September 10 at 3:30PM EST. The in-person venue for the event is the Lotte New York Palace Hotel in New York City. IEC will provide an update on its recently completed 3D seismic program and its anticipated continuous drilling program for its Kruh Block and also an update on planned development operations for its Citarum Block which has prospective oil-equivalent resources of over one billion barrels.
H.C. Wainwright 26th Annual Global Investment Conference
Date: Tuesday, September 10, 2024
Time: 3:30PM EST
Place: Lotte New York Palace Hotel, 455 Madison Avenue, New York, NY
The presentation will also be available for replay at IEC’s website for 30 days at:
https://ir.indo-energy.com/events-and-presentations/
Mr. Frank Ingriselli, IEC's President, commented "We look forward to returning to the H.C. Wainwright Conference so that we can discuss our recently completed 3D seismic operations along with our future operational and development plans for both the Kruh Block and the Citarum Block. We believe we have world class assets that should contribute to the Company’s strategic plan to maximize returns on our investments and grow shareholder value.”
About Indonesia Energy Corporation Limited
Indonesia Energy Corporation Limited (NYSE American: INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC’s principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (650,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit www.indo-energy.com.
FACT-MASTER
3 months ago
INDO: June 24/2024 Press Release:
https://finance.yahoo.com/news/indonesia-energy-commences-3d-seismic-113000670.html
Indonesia Energy Corporation Limited
Environmental permits granted at Citarum Block, where natural gas reserves could potentially exceed a billion barrels of oil equivalent
JAKARTA, INDONESIA AND DANVILLE, CA, June 24, 2024 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company based in Indonesia, today provided an operational update and announced that new 3D seismic exploratory operations at its 63,000 acre Kruh Block have commenced. Importantly, IEC anticipates that the results of this seismic work will allow IEC to drill new production wells at Kruh Block the by the end of 2024.
Additionally, IEC announced that key environmental permits have been granted at IEC’s 650,000 acre Citarum Block where reserves could potentially exceed a billion barrels of oil equivalent. IEC’s receipt of these permits represents an important milestone for IEC as the permits will allow for meaningful exploratory work by IEC at Citarum for the first time.
As the operator of the Kruh block, IEC’s 3-D seismic program will cover the Kruh, North Kruh and West Kruh Fields. This 29 square km high-quality seismic program is strategically focused on existing proved reservoirs of the Talangakar and Lemat formations, as well as the very large and promising shallow oil/gas zones in the K-28 well discovered by IEC’s work in 2022.
The new, high quality three-dimensional seismic data will enable the identification of additional locations of proved undeveloped reserves and resources. This in turn will pave the way to prioritize the sequence of upcoming drilling locations as IEC recommences drilling operations at Kruh Block. Preparations for the new drilling operation are underway, with plans to drill the first well in the fourth quarter of 2024 after the evaluation of the new three-dimensional seismic data is completed.
IEC announced in September 2023 that its joint operation contract with Pertamina, the Indonesian state-owned oil and gas company, covering the Kruh Block was extended by 5 years from May 2030 to September 2035. Kruh Block covers approximately 63,000 acres and is located onshore on the Island of South Sumatra in Indonesia.
The amended joint operation contract has the following key terms:
The amended contract increases IEC’s after-tax profit split from the current 15% to 35%, for an increase of more than 100%.
In addition, given the 5-year extended term of the contract, the amended contract is expected to increase IEC’s proved reserves at Kruh Block by over 40%.
Furthermore, given the increased profit split, IEC’s anticipated net cash flow calculations based on its Kruh Block development plan are expected to increase by over 200% versus IEC’s anticipations under the prior contract.
At Citarum Block, IEC’s receipt of government environmental permits to commence seismic operations which are planned for late this year or early next year, with plans to also commence drilling next year. As required by government regulations, IEC relinquished approximately 35% of its original Citarum acreage but has retained approximately 97% of the original prospective resources and now has approximately 650,000 acres on which drilling could take place. As previously reported, IEC’s estimates are that the Citarum Block has prospective oil-equivalent resources of over one (1) billion barrels of oil.
Mr. Frank Ingriselli, IEC's President, commented "We are very excited about the commencement of new seismic operations on our Kruh Block enhanced by the significant improvements in our economics from the 2023 contract extension with the Indonesian government. All of this bodes well for our company as we look to recommence drilling at Kruh Block in late 2024. We continue to believe that Kruh Block is a world class asset and, in order to maximize future production capability, the seismic operations planned across the entire Kruh Block should positively leverage what we have learned from our previous discoveries, including our 2022 gas discovery, and determine the best locations to re-start our continuous drilling campaign.”
“Additionally, we have now also moved forward with activities at our potential billion-barrel equivalent natural gas 650,000-acre Citarum Block, where the previous operator drilled several gas discoveries. In short, we’ve never been more excited about IEC’s potential, and we look forward to continuing our efforts as we seek to drive positive shareholder value," concluded Mr. Ingriselli
About Indonesia Energy Corporation Limited
Indonesia Energy Corporation Limited (NYSE American: INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC’s principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (650,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit www.indo-energy.com.
FACT-MASTER
5 months ago
https://www.cnbcindonesia.com/market/20240112095133-17-505077/ipo-bumn-update-terbaru-dari-phe-pkt-dan-palmco
Jakarta, CNBC Indonesia - The Financial Services Authority (OJK) confirmed that there has been no submission of documents for the Initial Public Offering (IPO) of BUMN entities in early 2024.
Inarno Djajadi, Chief Executive of Capital Market, Derivative Financial and Carbon Exchange Supervision, said that the Minister of BUMN, Mr. Erick Thohir, had said that he wanted BUMN companies to carry out an IPO in 2024. However, until now no application documents had been received by the OJK.
"Until now, there has been no registration statement to the OJK regarding the BUMN IPO," said Inarno in a written answer to the OJK RDKB, quoted Friday, (12/1/2024).
Read: Ganjar: BUMN Can't Have Grandchildren!
However, he is optimistic that the Ministry of BUMN will continue to encourage state-owned companies to go public while monitoring developments in capital market conditions.
"We can say that the OJK will officially convey the names of prospective issuers when all documents are sufficient by granting publication permits," he said.
Previously, Special Staff to the Minister of BUMN, Arya Sinulingga, revealed that during Erick Thohir's leadership as Minister of BUMN, only two BUMN companies had carried out an initial public offering (IPO).
"There are only two (issuers) Mitratel and Pertamina Geothermal Energy. Because we want to IPO, the market conditions are not good, so why not?" he said.
They don't want future BUMN IPOs to end like Waskita. Arya revealed that one of the reasons for PT Waskita Karya (Persero) Tbk's finances. (WSKT) unhealthy is unpreparedness in carrying out corporate actions in the capital market, including initial public offering (IPO).
Read: OJK Boss Says About Potential Delisting of Waskita and WIKA
According to him, there were errors in the management of the use of funds from the IPO of the state-owned construction company.
In fact, the BUMN Ministry is predicted to carry out an IPO for PT Pertamina Hulu Energy (PHE), PT Pupuk Kalimantan Timur (PKT), and Palm Co in 2023. However, until now, there has been no latest news regarding this plan.
FACT-MASTER
5 months ago
Oil cuts from Mexico - USA:
https://finance.yahoo.com/news/mexico-halt-oil-exports-further-181654260.html
(Bloomberg) -- Mexico’s state-controlled oil company plans to halt some crude exports over the next few months, a move that would cut supply from a tightening global market.
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Petroleos Mexicanos, also called Pemex, canceled contracts to supply its flagship Maya crude oil to refiners in the US, Europe and Asia, according to people with knowledge of the situation, who asked not to be named because the information is private.
The export cut, coming at a time when OPEC and its allies are already curbing production, threatens to drive up oil prices that are at a six-month high. Physical supplies — especially heavier, sour grades such as Maya — are tightening even further with Venezuelan exports set to fall after the reinstatement of US sanctions on its oil industry. JPMorgan Chase & Co. last week warned that global benchmark Brent could reach $100 a barrel this year.
READ: Mexico oil Exports Slump as Domestic Refining Cranks Up
Pemex’s plan to suspend some exports is part of an effort to produce more domestic gasoline and diesel ahead of the June 2 presidential election, the people said. President Andres Manuel Lopez Obrador, whose term is coming to an end, won office with the promise of weaning the country off of costly fuel imports. His multi-year effort to revamp Mexico’s refining sector is finally paying off.
In February the country’s six refineries operated near the highest rates seen in more than six years. Oil use should keep rising as Pemex works to start commercial operations of the new Olmeca refinery, also known as Dos Bocas, with capacity to process 340,000 barrels of crude oil a day.
Pemex didn’t immediately return call and messages seeking comment.
The halt affects primarily exports of Maya while shipments of other grades including medium sour Isthmus should continue at reduced volumes, the people said. It’s unclear if Pemex’s trading arm PMI will be able to follow through on the export cut. In 2021 and later in 2023 the company had to shelve plans to halt oil exports after it failed to increase domestic fuelmaking.
The prospect of lower supplies from Mexico, the top supplier of crude oil to the US Gulf Coast, is supporting prices of medium sour Mars Blend produced in the Gulf of Mexico. Mars traded at a premium of $1.60 a barrel above futures Monday, according to preliminary data from pricing agency General Index. That would be the strongest since November.
US refiners are likely to bear the brunt of the cut in Maya exports. Fuelmakers including Valero Energy Corp, Chevron Corp and Marathon Petroleum Corp import 420,000 barrels of the heavy sour variety per day. In 2023, Maya exports reached 612,000 barrels a day.
FACT-MASTER
8 months ago
INDO: Press Release January 23/24 re: presentation microcap conference
https://www.globenewswire.com/news-release/2024/01/23/2813988/0/en/Indonesia-Energy-to-Present-at-The-Microcap-Conference-in-Atlantic-City-on-January-31-and-again-on-February-1-2024.html
President Frank Ingriselli Will Present an Update on IEC’s Development Plans and
the Positive Impact of the Recent Kruh Contract Extension
JAKARTA, INDONESIA AND DANVILLE, CA, Jan. 23, 2024 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company based in Indonesia, today announced its President, Frank Ingriselli, will be presenting at The Microcap Conference in Atlantic City on January 31, 2024 at 3:40PM EST and again on February 1, 2024 at 10:25AM EST.
The in-person event will take place at the Caesar's Atlantic City Hotel and Casino. IEC will provide an update on its previously announced exploratory work done in 2023 with a view towards renewing and maximizing drilling activities in 2024 and beyond as well as its drive towards early commercialization of IEC’s Citarum Block, a potential billion-barrel equivalent structure. IEC will also discuss the positive impact resulting from the recent contract extension to its Kruh Block as discussed further below.
To register to attend The Microcap Conference, follow this link.
The presentation will also be available for replay at IEC’s website for 30 days at:
https://ir.indo-energy.com/events-and-presentations/
Recent Updates
IEC announced in September 2023 that its joint operation contract with Pertamina, the Indonesian state-owned oil and gas company, covering the Kruh Block was extended by 5 years from May 2030 to September 2035. Kruh Block covers approximately 63,000 acres and is located onshore on the Island of South Sumatra in Indonesia.
The amended joint operation contract has the following key terms:
The amended contract increases IEC’s after-tax profit split from the current 15% to 35%, for an increase of more than 100%.
In addition, given the 5-year extended term of the contract, the amended contract is expected to increase IEC’s proved reserves at Kruh Block by over 40%.
Furthermore, given the increased profit split, IEC’s anticipated net cash flow calculations based on its Kruh Block development plan are expected to increase by over 200% versus IEC’s anticipations under the prior contract.
Mr. Frank Ingriselli, IEC's President, commented "We look forward to participating at the Microcap Conference so that we can discuss our Kruh Block contract extension and the significantly improved terms for our Kruh Block along with our future operational plans for both the Kruh Block and the Citarum Block. We believe we have world class assets that should contribute our strategic plan to maximize returns on our investments and grow shareholder value.”
About Indonesia Energy Corporation Limited
Indonesia Energy Corporation Limited (NYSE American: INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC’s principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (1,000,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit www.indo-energy.com.
FACT-MASTER
8 months ago
INDO: Press Release January 17/24
https://finance.yahoo.com/news/senior-executives-indonesia-energy-roles-123000108.html
Indonesia Energy Corporation Limited
Changes come as IEC looks to leverage the exploratory work undertaken in 2023 with a view towards renewing and maximimizing drilling activities in 2024 and beyond
JAKARTA, INDONESIA AND DANVILLE, CA, Jan. 17, 2024 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced that it has made changes and enhanced the effectiveness of its management team and Board of Directors.
These changes come as IEC is laser focused on delivering a new and enhanced development program at its currently producing Kruh Block leveraging the previously announced exploratory work done in 2023 as well as to drive towards early commercialization of IEC’s Citarum Block, a potential billion barrel equivalent structure.
Mr. Mirza Said has been appointed as Chief Operating Officer of the Company. Mr. Said previously was the Chief Business Development Officer. Commenting on Mr. Said’s new role, Dr. Wirawan Jusuf, IEC’s Chairman and Chief Executive Officer, stated “Mirza is perfectly suited for the role of Chief Operating Officer. Over the past several years, he has been involved with and helped guide all aspects of our operations and business and has been an invaluable C-suite team member. Mirza’s mandate will now formally cover many of the items he already has significant input on, from government relations and licensing, to procurement, staffing and the execution of our exploratory and drilling operations.”
Dr. Charlie Wu has been appointed as Chief Technology Officer of the Company. He previously served as IEC's Chief Operating Officer. Dr. Jusuf commented, “Charlie’s background of over 40 years in the oil and gas industry and his global experience in oil and gas technology will help drive our development programs for both the Kruh Block and the Citarum Block. His efforts over the last several years have been focused on understanding and maximing the potential for our assets and implementing the right technology to do so. As such, the role of Chief Technology Officer is a great fit for him and our company.”
In addition, IEC is pleased to announce the appointment of Mr Ahmad Fathurachman, age 33, as a new independent member of the Company’s board of directors. Mr. Fathurachman replaces Mr. Tamba Hutapea, who is retiring as a member of IEC’s board of directors.
Mr. Fathurachman’s experience in the energy industry and also on marketing and social media will help guide a new focus for IEC on developing a comprehensive market awareness program and frequent communications with shareholders on current activities for IEC. In this regard, it is expected that Mr. Fathurachman will work closely with Frank Ingriselli, IEC’s President. An electrical and power engineer by training, Mr, Fathurachman presently works in project management, project development and product sales at Weatherford International plc in Indonesia.
Dr. Jusuf stated “Amhad brings an independent perspective, experience and new energy to our board as we look to drive our drilling programs ahead. We look forward to working with him. Our entire board also wants to express our sincere appreciation to Tamba Hutapea for his years of service as an IEC board member, and we wish him great success in his retirement.”
These appointments are all effective as of Tuesday, January 16, 2024.
IEC also reported that it plans on providing further details regarding the company’s investments in critical exploratory activities during 2023 and its planned ramp up in drilling operations during 2024 in the coming weeks.
FACT-MASTER
9 months ago
I concur with your analysis, 2023 has been kind of a dry year for INDO.
Lack of seismic work activity, imo, has caused significant delays in the field development of the Kruh Block.
No word to date on Kruh 28 production re-start and/or on overall daily production.
It's difficult to find current information, to make a solid valuation analysis.
I'm referring to 2P/3P resources - which potentially are huge / daily production / and of course cash flow and EPS/ or loss.
Still hoping for a year end update.
Although a small cap oil stock, the reserves potential, coupled with prudent management who evidently have not engaged in reckless dilution, imo, still makes for a good case to hold INDO for the long term, imo.
Your welcome, and Have a Great Holiday!
FACT-MASTER
9 months ago
INDO: from 6-K filed Sept.28/23
https://www.sec.gov/ix?doc=/Archives/edgar/data/1757840/000149315223034617/form6-k.htm
NOTE 12 – LIQUIDITY
The Company reported a net loss of $1,621,164 and net cash used in operating activities of $1,331,575 for the six months ended June 30, 2023. In addition, the Company had an accumulated deficit of $38,561,917 and working capital of $5,456,158 as of June 30, 2023. The Company’s operating results for future periods are subject to numerous uncertainties and it is uncertain if the Company will be able to reduce or eliminate its net losses and achieve profitability for the foreseeable future. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.
The Company has financed the operations primarily through cash flow from operations, loans from banks, and proceeds from equity instrument financing, where necessary. In 2022, the Company received an aggregated of $8,589,000 from issuance of convertible notes and warrants to L1 Capital, and $1,950,000 of proceeds from exercises of warrants by L1 Capital. On July 22, 2022, the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright & Co., LLC (the “Sales Agent”), acting as its sales agent, pursuant to which the Company may offer and sell, from time to time, to or through the Sales Agent, ordinary shares having an aggregate gross offering price of up to $20,000,000. The Company received net proceeds of $4,366,642 through issuance of ordinary shares by such ATM offering in 2022.
As of September 27, 2023, the Company had approximately $3.27 million of cash and cash equivalents, which are unrestricted as to withdrawal or use and are placed with financial institutions. Management’s plan for mitigating the conditions of substantial doubt about the Company’s ability to continue as a going concern includes a combination of improving operational efficiency, cost reductions, debt and equity financing and financial support from the Chief Executive Officer and Chairman of the Board of the Company. There will be no new well drilling activity for the next 12 months till September 2024. The Company currently does not have any outstanding short-term or long-term bank borrowings balance. Management expects that it will be able to obtain new bank loans based on past experience and the Company’s good credit history. In addition, Mr. Wirawan Jusuf, the Chief Executive Officer and Chairman of the Board of the Company, has agreed to provide $3 million of financial support in the form of debt to the Company to enable the Company to meet its obligations and commitments as they become due for at least next 12 months. The Company intends to meet its cash requirements for the 12 months following the date of the issuance of the condensed consolidated financial statements through operations and the foregoing potential funding opportunities.
The Company believes that the current cash and anticipated cash flows from operating and financing activities will be sufficient to meet its anticipated working capital requirements and commitments for at least the next 12 months after the issuance of the Company’s accompanying unaudited condensed consolidated financial statements. Management believes that it is probable that the above plans can be effectively implemented, and it is probable that such plans will mitigate the conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern. The Company has prepared the condensed consolidated financial statements on a going concern basis. If the Company encounters unforeseen circumstances that place constraints on its capital resources, management will be required to take various measures to conserve liquidity. Management cannot provide any assurance that the Company will raise additional capital if needed.
NOTE 13 – SUBSEQUENT EVENTS
The Company evaluated all events that occurred up to September 28, 2023 and determined that no events that would have required adjustment or disclosure in the condensed consolidated financial statements except the following.
On July 21, 2023, the Company repaid $100,000 principal amount of the Notes to L1 Capital in cash. Following this repayment, there was no convertible note outstanding.
Effective August 9, 2023, PT Green World Nusantara, the Company’s indirect wholly-owned subsidiary, and Pertamina entered into an Amendment to the Operations Cooperation Agreement (the “Amended KSO”) covering the Kruh Block, pursuant to which the contract term was amended by 5 years from May 2030 to September 2035. This extension would effectively give the Company 13 years to fully develop the existing 3 oil fields, and 5 other undeveloped oil and gas bearing structures at Kruh Block. The Amended KSO increases the Company’s after-tax profit split from the current 15% to 35%, an increase of more than 100%.
FACT-MASTER
9 months ago
Currently Pertamina is an Indonesian state - owned company which INDO has their current arrangements with for the Kruh, Citarum block, and Rangkas area.
It's actually a subsidiary of Pertamina called Pertamina EP and is INDO's "partner" as per agreement here:
https://www.sec.gov/Archives/edgar/data/1757840/000149315223034617/ex10-1.htm
Here are some details on Pertamina and their subsidairies:
https://www-pertamina-com.translate.goog/id/hulu?_x_tr_sl=id&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc
The logic would be that if Pertamina is trading on the IDX, that establishes a valuation parameter for a possible merger with INDO.
Yes, INDO could theoretically be bought out by any oil company, however, would the Indonesian government allow it? - unknown.
In any case, an update on seismic work and re-start of Kruh 28 / work overs, is overdue from INDO management, imo.
FACT-MASTER
9 months ago
Yes.
Still watching developments re: PHE - IPO
Here is a recent article from October/23
https://voi.id/en/economy/321483
The initial public offering (IPO) of PT Pupuk Kaltim and PT Pertamina Hulu Energi (PHE) has not been realized.
In fact, initially the target for listing the shares of the two BUMN subsidiaries was carried out this year.
Special Staff to the Minister of SOEs Arya Sinulingga revealed that Pupuk Kaltim has not yet implemented the IPO because it will carry out reorganization first.
"Later, after that, we will see if it really has to be an IPO or cooperated to look for investors, right," he said, quoted by reporters on Thursday, October 19.
According to Arya, the development of Pupuk Kaltim can also be done with several options, not only through an IPO.
One of them is cooperation with the Indonesia Investment Authority (INA) or the Investment Management Institution (LPI).
"We could cooperate, for example with INA, or we'll see more IPO. But this is after reorganization first, then we can find out about the process," said Arya.
Meanwhile, continued Arya, PHE's IPO has not been running because it is related to world oil prices. According to Arya, the current market condition is still unstable
"PHE is related to world oil prices, the current situation we see is still unstable in the market, we will calculate the stable market later," he explained.
Initially, the PHE IPO plan appeared in conjunction with the Pertamina Geothermal Energy (PGE) IPO.
However, PGE itself has listed its shares on February 25, 2023. Arya admitted that the condition of PHE and Pertamina Geothermal Energy (PGE) was quite different.
Furthermore, Arya explained, the difference is because PGE manages a business related to renewable energy whose market is indeed developing well, while PHE is engaged in the fossil energy sector.
"So regarding PHE we are still waiting, it's a bit different from PGE. PGE is indeed renewable energy so it's quite interesting, don't be surprised he's good," he explained.
Even though the PHE IPO has been confirmed to be canceled this year, Arya ensures that PHE continues to prepare for the IPO.
"But the technical preparations of PHE's friends have been carried out, but we'll see how the market is," he said.
Previously reported, Deputy Minister of State-Owned Enterprises (BUMN) I, Kartika Wirjoatmodjo said, the IP or initial share offering of Pertamina's Upstream Subholding, PT Pertamina Hulu Energi (PHE) was not carried out this year.
For your information, previously the listing of the initial shares of PT Pertamina (Persero) subsidiary on the Indonesia Stock Exchange (IDX) was targeted to be held this year.
Tiko, Kartika Wirjoatmodjo's nickname, said that the decision to postpone the PHE IPO was after his party conducted an assessment or review.
According to Tiko, now is not the right time for PHE to be listed on the IDX.
FACT-MASTER
11 months ago
INDO: Pertamina EP/ South Sumatra
https://www.pertamina.com/id/news-room/news-release/proyek-pertamina-paku-gajah-penuhi-kebutuhan-gas-di-sumbagsel
English version:
The Paku Gajah development project or Paku Gajah Development Project (PGDP), implemented by PT Pertamina EP, as a cooperation contract contractor (KKKS) under the supervision and coordination of SKK Migas
JAKARTA – The Paku Gajah Development Project (PGDP), which is being implemented by PT Pertamina EP, as a cooperation contract contractor (KKKS) under the supervision and coordination of SKK Migas, will meet the huge demand for gas in southern Sumatra (Sumbagsel). tall.
Apart from that, it is also believed that the operation of PGDP will accelerate the monetization of Pertamina EP's assets, so that exploration potential in the Pagardewa, Karangdewa, Prabumenang, Tasim, Pemaat, Kuang Selatan, Lavatera and Pyrethrium structures can be produced economically.
Upstream Director of PT Pertamina (Persero) Syamsu Alam said that Pertamina is always committed to providing maximum contributions to countries and regional governments that have oil and gas potential.
"With full support from all stakeholders, the company's operational activities in searching for and producing oil and gas can run smoothly and energy needs in Indonesia can be met," he said at the inauguration of the PGDP in Pagar Dewa, Muara Enim, South Sumatra, Wednesday (6/12 ).
Present at the inauguration of the PGDP included Head of SKK Migas Amien Sunaryadi, President Director of PT Pertamina EP Nanang Abdul Manaf, Regent of Muara Enim Muzakir Sai Kohar, and Regent of Ogan Komering Ulu Kuryana Azis.
Head of SKK Migas Amien Sunaryadi, representing the Minister of Energy and Mineral Resources (ESDM) in his speech, said the Paku Gajah project was important to guarantee gas supplies for domestic needs.
According to him, the operation of PGDP is expected to encourage economic growth in South Sumatra and create a larger multiplier effect whose benefits can be felt by the community.
"The upstream oil and gas industry is committed to continuing to meet domestic gas needs for the welfare of the people," said Amien.
Meanwhile, President Director of PT Pertamina EP Nanang Abdul Manaf added that PGDP is an integration of existing production facilities, namely Metering Pagardewa, Gas Collecting Station (SPG) Merbau, SP Kuang Existing, and SP PT Perusahaan Gas Negara Tbk (PGN).
PDGP's total production capacity is 70 million cubic feet of gas per day (MMSCFD), consisting of 45 MMSCFD from SPG Paku Gajah and 25 MMSCFD from SPG Kuang.
PGDP project investment reached US$ 145.10 million from the initial projection of US$ 147.53 million. "PGDP has two production facilities, namely SPG Paku Gajah and SPG Kuang, as well as a 12 inch diameter truckline pipeline 23 kilometers long from SPG Paku Gajah to CO2 Removal Existing SPG Merbau," he said.
Nanang also said that gas demand in Southern Sumatra is quite high. Based on data from the Downstream Oil and Gas Regulatory Agency (BPH Migas), the total gas demand in South Sumatra in 2017 reached 1,013.9 MMSCFD. However, the new committed demand is 353.2 MMSCD. Meanwhile, allocated demand was recorded at 330.7 MMSCD.
Apart from that, there is potential demand of around 330 MMSCFD for the needs of power plants managed by PT PLN (Persero) and power plants managed by private companies (independent power producers/IPPs) as well as gas supplies for the city gas network.
"To meet the large gas market needs in South Sumatra and extend the production period (plateau), we are developing oil and gas fields in an integrated manner around the Paku Gajah area by carrying out exploration drilling and PGDP development," he said.
PGDP, which is located in two districts, namely Muara Enim and Ogan Komering Ulu, is managed by PT Pertamina EP Asset II, an operational unit of Pertamina EP. Gas produced from SPG Paku Gajah and SPG Kuang is distributed to PGN consumers and other gas consumers in South Sumatra .
PGDP uses complete production facilities starting from producing natural gas from exploration wells and from PGDP development wells which have been drilled since 2010.
"Several development well drilling has been carried out since 2010 through the put on production (POP) stage and in 2013 continued with development drilling through the plan of development (POD) stage which was approved by SKK Migas in January 2013," said Nanang.
Realized PGDP production is 52.4 MMSCFD (year to date) and condensate is 861 barrels per day (BCPD). Meanwhile, the target in the 2017 RKAP is 45.10 MMSCFD and condensate 806 BCPD.
"We would like to thank all stakeholders such as SKK Migas, South Sumatra Provincial Government, Muara Enim Regency Government and Ogan Komering Ulu Regency Government and work partners who have supported the implementation of this project so that PGPD can be achieved according to targets following the HSSE aspects (health, safety, security, environment)," said Nanang.
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