Petroliam Nasional Berhad (Petronas) has discovered oil and natural gas in the North Ketapang oil and gas block offshore East Java Province, Indonesia, a find expected to further strengthen Petronas’ oil and gas business in the region.
Petronas issued a statement on Thursday (March 12) stating that this marks the first oil and gas discovery by the Barokah-1 exploration well within the North Ketapang block.
Petronas is one of the operators of the North Ketapang block, holding a 51% stake. South Korean energy company SK Innovation, through its subsidiary, holds a 34% stake, while Indonesia’s national oil company, through a subsidiary, holds the remaining 15%.
The Barokah-1 exploration well was spudded on November 30 last year and has now reached a depth of 3,315.3 meters. Moving forward, Petronas will conduct further studies to fully assess the exploration outcome and determine its potential scale.
The North Ketapang block is located offshore in the northeastern part of Java Island and is regarded as one of the most promising blocks in Indonesia’s major oil-producing regions. In November last year, a new oil discovery was made in a new formation outside the existing reservoir near this block, highlighting the area as having high oil and gas resource potential.
Petronas is one of the operators of the North Ketapang block, holding a 51% stake. South Korean energy company SK Innovation, through its subsidiary, holds a 34% stake, while Indonesia’s national oil company, through a subsidiary, holds the remaining 15%.
The Barokah-1 exploration well was spudded on November 30 last year and has now reached a depth of 3,315.3 meters. Moving forward, Petronas will conduct further studies to fully assess the exploration outcome and determine its potential scale.
The North Ketapang block is located offshore in the northeastern part of Java Island and is regarded as one of the most promising blocks in Indonesia’s major oil-producing regions. In November last year, a new oil discovery was made in a new formation outside the existing reservoir near this block, highlighting the area as having high oil and gas resource potential.