Potential Investors Interested in Replacing Zarubezhneft in the Tuna Block: Ministry of Energy and Mineral Resources Reveals

Verda Nano Setiawan, CNBC Indonesia

Tuesday, 29/08/2023 20:50 WIB

Jakarta, CNBC Indonesia – The Ministry of Energy and Mineral Resources (ESDM) revealed that there are several potential investors who are interested in replacing an oil and gas company from Russia, namely Zarubezhneft in the Tuna Block, Natuna Islands.

This follows the plan to develop the Tuna Block which was subject to sanctions from the European Union and the British government.

As is well known, the Tuna Block itself is managed by a British company Harbor Energy through Premier Oil Tuna BV. Meanwhile, Zarubezhneft itself is an oil and gas company from Russia that holds a 50% participating interest in the Tuna Block through its subsidiary, ZN Asia Ltd.

“There are some who have started, open the data first. So there are already several candidates who open the data. After a month, there will be someone who is interested, then we will,” said Tutuka at the DPR RI Building, Jakarta, Tuesday (29/8/ 2023).

Tutuka did not specify where the oil and gas company that was interested in replacing Zarubezhneft in the Tuna Block would come from. To be sure, he continued, these companies are international scale.

“Yes, world class. Not local class. This is just open data,” he added.

Therefore, Tutuka hopes that the process of relinquishing participation rights by this Russian company can take place quickly. So that this project can run again as it should.

“Yes (Zarubezhneft officially withdraws), it’s moving, the process is until he gets a replacement. Open the data, we hope it will be quick,” he said.

Previously, Deputy Head of SKK Migas Nanang Abdul Manaf explained that the plan to develop the Tuna Block, which is managed by a British company Harbor Energy through Premier Oil Tuna BV, is currently subject to sanctions from the European Union and the British government. This is because their partner in the block, Zarubezhneft, is from Russia.

Therefore, Zarubezhneft finally decided to leave the project. Bearing in mind that Harbor Energy has been warned by the local government not to transact let alone partner with a company from Russia.

“Actually, Tuna has been completed, but suddenly there was a conflict, so companies originating from western countries, Europe, the UK from the US, sanctioned Russia, so I’m sorry, any transactions are not allowed, let alone partners,” said Nanang in the IOG 2023 Media Briefing, Wednesday. (23/8/2023).

Even so, Nanang said that currently there are potential investors who are interested in replacing Zarubezhneft in the Tuna Block. At least there are dozens of potential investors queuing to enter.

“Many want dozens. So there are dozens of queues. It’s a headache for Harbor to choose which one is suitable. For that, we just pray that it will be completed soon because the PoD only has to be executed,” he said.

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