Spanish energy and petrochemical multinational Repsol announced on Tuesday it made a new gas discovery in Indonesia. According to preliminary estimates, the find could contain at least 2 trillion cubic feet of recoverable resources.
It is the largest gas discovery made in this Asian insular nation in the past 18 years and constitutes one of the ten largest finds in the world in the last twelve months, as the company said in a statement addressed to the Spanish National Stock Market Commission
Repsol has made the largest gas discovery in Indonesia in the past 18 years and one of the 10 largest discoveries worldwide in the past 12 months: https://t.co/LfrjwOnYpF #RepsolIndonesia pic.twitter.com/LpJVNdJ7lL
— Repsol Worldwide (@RepsolWorldwide) February 19, 2019
Gas in Indonesia found in South Sumatra
In detail, the discovery was made in the Sakakemang block located in south Sumatra, while drilling the KBD-2X well.
Repsol’s strategy focuses on the development of gas assets, as this fuel will have a major role in the transition toward lowering greenhouse gases.
Repsol, which will continue with the operations over the coming months, stated it holds several licenses in Sumatra. The company plans to execute an intense drilling and seismic acquisition campaign in 2019 and 2020. These labors will be focused on drilling a delineation well.
Indonesia is the focus of Repsol’s exploration investments
Repsol has cooperated closely with SKK Migas on the exploration activity carried out in the block and continues to work on next steps with Indonesian authorities.
Indonesia is the focus of Repsol’s exploration investments in Southeast Asia. Gas accounts for three-quarters of the company’s reserves, as well as two-thirds of its production.
Repsol has made over 50 finds between 2007 and 2019, of which ten have been among the world’s largest in their respective years. This way, the company has managed to demonstrate its considerable exploratory capacity in Indonesia. More than half of its most recent hydrocarbon discoveries are currently under development.
The company has its own cutting-edge technology. Its developments have allowed it to gain considerable success in the hydrocarbon exploration area. At the same time, it develops advanced projects and collaborates with renowned companies and entities worldwide.
Repsol in Indonesia
Repsol produced 15 million barrels of oil equivalent in 2017 in Indonesia, mainly from the asset known as Corridor. Repsol owns mineral rights to six blocks: five exploration blocks and one in production/development.
The Company has also been present in Indonesia through its lubricants business for 20 years, with local production since 2006. Thanks to the growth of the past three years, Indonesia has become the third-largest market for Repsol lubricants worldwide. It has continued to grow in the industrial area with its E&P gas labors in Indonesia.
For more information, check Energía16
See also: Repsol Joins Clean Economy