An investor from Russia is Premier Oil’s partner to work on the Tuna Field

Reporter: Philemon the Great | Editor: Handoyo.

KONTAN.CO.ID – JAKARTA. The assurance of Premier Oil partners to work on the Tuna Field has now been answered, the Russian oil and gas company, Zarubezhneft, through its subsidiary ZN Asia LTd, officially holds 50% participating interest in the Tuna Block.

Head of the Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) Dwi Soetjipto revealed that Zarubezhneft is a State-Owned Enterprise (BUMN) from Russia. According to him, the presence of this global partner is also a sign that Indonesia’s investment climate is still attractive.

“Although globally there has been a decrease in investment by an average of about 30 percent due to the Covid-19 outbreak which has caused a decline in oil and gas consumption. We should be grateful, investment in Indonesia is relatively better with the decline in investment in Indonesia estimated at only around 18%, “Dwi said in an official statement, Thursday (22/10).

Dwi continued, the success of Premier Oil will also reduce investment risks and increase the success rate of managing the Tuna Field block. On the other hand, Dwi confirmed that currently the Tuna Block is in the stage of completing exploration and then submitting a development plan (Plan of Development / PoD).

“Apart from the economic aspect, the Tuna Block field has a strategic geopolitical role, because it is located on the border with Vietnam and is close to the South China Sea, which is currently the geopolitical focus of various countries. The operation of the Tuna block will further strengthen Indonesia’s sovereignty in the region, “said Dwi.

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Dwi added, in order to increase the economic value of the development of the Tuna block, because the closest production facility in Indonesian waters is in the Natuna Sea Block A working area, which is + 385 km away, so the development of the Tuna Field can be uneconomical if using these facilities and the Tuna block more. close to existing Vietnamese owned facilities.

The Indonesian government and the Vietnamese government have done this Memorandum of Understanding (MoU), in which the gas from the Tuna block will be collaborated with partners from Vietnam between Premier Oil and Vietnam Oil and Gas Group

As information, the Tuna Block is an oil and gas working area off the coast of Indonesia which is located in the Natuna Sea next to the Vietnam border with a water depth of about 110 meters. The Tuna Production Sharing Contract (KBH) was signed and valid since March 21, 2007. Premier Oil as the operator currently holds 100% interest participation in the working area.

KBH Tuna has carried out 2D and 3D seismic acquisition activities, drilling four (4) exploration wells; North Sea Elephant-1 and Sea Eel-1 in 2011 and Sea Horse-1 and Sea Lion-1 in 2014.

So that all exploration commitments have been met. The discovery of hydrocarbons in seahorses-1 and Sea Lions-1 wells that are structurally adjacent, later renamed Tuna field, with a resource of 104 mmboe (2P) is dominated by high-condensate gases with a CO2 content of less than 2%.