Latest news with #SKKMigas
Yahoo
23-07-2025
- Business
- Yahoo
Indonesia Energy Plans to Commence Drilling Two Wells at Kruh Block During the Remainder of 2025
JAKARTA, INDONESIA AND DANVILLE, CA, July 23, 2025 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced that it plans to drill two (2) back-to-back wells on IEC's 63,000 acre Kruh Block commencing in the fourth quarter of 2025. The new drilling activities will be supported by the previously announced exploratory seismic work which was undertaken by IEC during 2024 and early 2025 that upgraded IEC's wellsite prospects and drilling locations with a view towards maximizing production. IEC's planned drilling activities are expected to encompass: Two wells being drilled back-to-back to help minimize mobilization costs. A 750 horsepower drilling rig is planned to be used and is currently undergoing final inspection. The wells will be designated 'Kruh-29' (Kruh Field, planned total depth: 3,400 ft) and 'West Kruh-5' (West Kruh Field, planned total depth: 5,200 ft), representing IEC's first new well drilling activity in West Kruh Field. Surface locations and subsurface geology for both wells have been approved by SKK Migas and Pertamina, the applicable Indonesian government entities. For Kruh-29, land acquisition, logistics, and tubular material procurement have been completed. For West Kruh-5, tender documents for required third party vendors are being prepared. Spudding of Kruh-29 is expected in the middle of the fourth quarter of 2025, with production anticipated to begin by year-end. Mr. Frank Ingriselli, IEC's President, commented 'We are excited that government permits and necessary contractors are lining up to provide us with the ability to commence drilling our next well at the Kruh Block before year end and hopefully the drilling of a second well before year end or soon thereafter. This comes after our heavy investment in critical seismic work in 2024 and early 2025 which will guide our efforts going forward. If results from these next wells are positive, we are hopeful that a significant increase in our reserves will be forthcoming as we continue to work towards drilling a total of 18 new wells at Kruh in the coming years as we seek to maximize the potential for this asset and drive shareholder value.' In May 2025, IEC reported that investments in Kruh Block and the 3D seismic work completed earlier this year resulted in a 60% increase in proved gross reserves. More information regarding IEC's planned drilling activities and reserve details for the Kruh Block and the Citarum Block can be found in IEC's annual report on Form 20-F which was filed on April 29, 2025 with the Securities and Exchange Commission and is available on IEC's website at: 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 (195,000 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 Cautionary Statement Regarding Forward-Looking Statements All statements in this press release, and related statements of Indonesia Energy Corporation Limited ('IEC') and its representatives and partners that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Acts'). In particular, the words 'could,' "estimates," 'seek,' "believes," "hopes," "expects," "intends," 'on-track', "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. In this press release, forward-looking statements include, without imitation those related to IEC's future drilling plans at Kruh Block. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of significant risks, uncertainties, and other factors, many of which are outside of the IEC's control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Company's annual report on Form 20-F for the fiscal year ended December 31, 2024, filed on April 29, 2025, and other filings with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC's website, and IEC's website at IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. Company Contact:Frank C. IngriselliPresident, Indonesia Energy Corporation in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-05-2025
- Business
- Yahoo
Chevron to implement around 800 job cuts in Texas
Chevron has announced it will lay off nearly 800 employees in Midland County, Texas, US, as part of a broader plan to reduce its global workforce by up to 20% by the end of 2026. The job cuts, slated for 15 July, are said to be a response to the need for cost-cutting and business simplification. The lay-offs in Texas, where Chevron holds significant operations in the Permian Basin, the leading US oilfield, underscore the company's strategic adjustments amid challenging industry conditions. In February, Chevron disclosed its workforce reduction plans, which have since become more pressing due to recent operational setbacks. The revocation of Chevron's licence in Venezuela and the uncertain future of its $53bn acquisition of Hess due to an arbitration dispute have added to the company's pressures. Chevron had also previously announced the lay-off of at least 600 employees in California, effective 1 June, as reported in a March filing. Despite these challenges, Chevron remains proactive in seeking new opportunities. This month, the company expressed its intent to explore and develop significant oil and gas assets in Indonesia, targeting blocks with potential reserves of around 15 trillion cubic feet (tcf) of gas. Djoko Siswanto, the chairman of Indonesia's upstream oil and gas regulator, SKK Migas, confirmed Chevron's interest. However, Chevron, along with other multinational oil and gas companies, recently exited its Red Sea oil and gas concession blocks in Egypt after failing to locate any discoveries. The Egyptian Petroleum Ministry has stated that these companies are reallocating their resources to other areas within Egypt, particularly the Mediterranean. Chevron was awarded its first oil and gas exploration concessions in the Red Sea alongside Shell and Mubadala Investment Company in 2019. "Chevron to implement around 800 job cuts in Texas" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
The Star
26-05-2025
- Business
- The Star
Indonesian energy deregulation vow draws global giants
JAKARTA: Global oil and gas giants appear to be taking a renewed interest in Indonesia's upstream oil and gas sector amid the government's push for energy security and promise of deregulation. Putra Adhiguna, managing director at the Energy Shift Institute, told The Jakarta Post on Friday (May 23) that some increase in upstream oil and gas investment had been observed in South-East Asia, driven partly by declining domestic gas production and the looming risk of higher liquefied natural gas (LNG) imports. In Indonesia, this trend is reflected in the anticipated return of major players like Shell, Chevron and TotalEnergies. South Korea's Daewoo Engineering & Construction (ENC) is also reportedly looking to invest around US$1 billion across various industries, including oil and gas. 'The region is responding to the pressure of falling output and rising demand, which could make reliance on imported LNG a costly and risky proposition,' said Putra. The country has been struggling to increase domestic production of ready-to-sell oil and gas, also known as lifting, despite its importance in achieving energy security and self-sufficiency, as envisioned by multiple administrations to cut costly energy imports. This was partly due to aging fields, limited new discoveries, regulatory uncertainties and infrastructure constraints that have hindered production growth in spite of ongoing efforts. During the International Petroleum Association Convention & Exhibition (IPA Convex) on Wednesday, President Prabowo Subianto personally asked his aides to simplify upstream regulations to boost oil and gas output, followed by a threat that he would remove officials who refused to do so. 'It remains to be seen how the President's call for regulatory simplification will translate into action in a sector where clarity and consistency are critical for long-term investment,' Putra said. For nearly a decade, authorities have been formulating clearer and more competitive tax incentives in the oil and gas sector, most notably since the gross split production sharing contract was introduced in 2017. The gross split scheme initially drew criticism for its complexity and unclear tax terms, which dampened investor interest, so the government began revising the framework. In September 2023, the Energy and Mineral Resources Ministry announced it was finalising an updated tax regulation to boost competitiveness and attract upstream investment, but no revision has been introduced since. Amid renewed urgency, upstream oil and gas regulator SKK Migas stated on May 20 that the tax revision would be completed 'soon', with SKK Migas head Djoko Siswanto saying that United States oil major Chevron was interested in exploring and developing sizable oil and gas reserves in Indonesia. According to Djoko, Chevron was seeking to develop blocks with potential reserves of 15 trillion cubic feet (425 billion cubic metres) of gas. He added that the company was in the early exploration stage of evaluating several identified assets, and that the government planned offer blocks in Bali or other eastern regions. He also said around 25 other oil and gas companies had shown interest in investing in the upstream oil and gas sector, some of which had completed joint studies and were preparing to move forward to the next stage. Chevron's Asia-Pacific exploration arm said it engaged regularly with SKK Migas, but according to spokesperson Cameron Van Ast, it was unable to disclose any related details in line with its long-standing policy, Reuters reported on May 20. IPA president Carole Gall said given Indonesia's potential, she was 'not surprised' to see an uptrend in oil and gas investments. 'The collaboration between the government and industry over the past few years has been excellent, and that helps,' she told a press briefing on May 14 during IPA Convex in Jakarta, about global energy companies' reportedly renewed interest in the country. Gall added that the major challenge for 2025 was strategy on maximising oil and gas output to strengthen the energy resilience. 'Given that upstream investments are long-term by nature, increasing output isn't something that can happen overnight. The focus, therefore, isn't just on boosting near-term production, but on ensuring the country reaches the right production levels in the years ahead,' she said. Prateek Pandey, head of APAC oil and gas research at Rystad Energy, said on Saturday that the recent re-engagement of key oil and gas companies signaled a promising future in the sector. While near-term investments are expected to be modest, as they will still be in the exploration phase, the long-term potential will be significant. This year could see South-East Asia welcome the highest number of final investment decisions on gas projects in a decade for a potential increase in output of 18 per cent, according to a report published on April 29 by US-based nonprofit Global Energy Monitor (GEM). According to the report, 2025 could see as many as 13 new gas projects financed in the region: five projects in Indonesia, two in Malaysia, four in Vietnam, one in Brunei and one in Myanmar. Annual production capacity could expand by more than 20 billion cbm if all projects were approved, GEM said, signaling a strategic regional pivot toward accelerating gas development. It noted, however, 'These FIDs have faced a history of delays, so the likelihood of these projects moving forward remains unclear.' - The Jakarta Post/ANN
Yahoo
22-05-2025
- Business
- Yahoo
Pertamina signs domestic swap agreement to meet Indonesia's natural gas requirements
Indonesia's state-owned energy company, Pertamina, has initiated a gas swap scheme to address the country's natural gas demands, in line with directives from special government task force SKK Migas. The agreement involves Pertamina and partners from the West Natuna Group Supply Group, gas suppliers from Corridor Block and Jabung (South Sumatra block), and Singaporean companies Sembcorp Gas and Gas Supply, as well as domestic buyer Perusahaan Gas Negara. The deal was signed at the 49th Indonesian Petroleum Association Convex on 21 May 2025. The scheme is a strategic response to the dual challenge of declining natural gas supplies in Sumatra and rising domestic demand, particularly within the electricity and industrial sectors. It will be implemented by designating a portion of the export volume to satisfy domestic demand. Pertamina president director Simon Aloysius Mantiri said: 'The gas swap scheme will guarantee the availability of domestic gas to drive national economic growth according to the targets set by the Government. 'This effort is made by Pertamina to support President Prabowo's Asta Cita vision, where the certainty of domestic energy supply will maintain national energy security.' Mantiri noted that the gas swap arrangement will contribute to the enhancement of the domestic gas supply by offering an alternative means of securing natural gas for local consumption. Pertamina also announced the signing of a production sharing contract with SKK Migas by its subsidiary Pertamina Hulu Energi, in collaboration with consortium partners Petronas Energy Binaiya and EO Binaiya, for the Binaiya Working Area (WK) offshore eastern Indonesia. This agreement is a part of the government's initiatives to boost investment in the energy sector, particularly in oil and gas, to enhance energy security and promote sustainable economic growth. In a related development, Pertamina disclosed in November 2024 its evaluation of potential liquefied natural gas (LNG) projects in the Philippines, initially focusing on LNG transportation and storage, with potential expansion into exploration, production and distribution. "Pertamina signs domestic swap agreement to meet Indonesia's natural gas requirements" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-05-2025
- Business
- Yahoo
Chevron Eyes Major Oil and Gas Assets in Indonesia
Chevron Corporation (NYSE:CVX) has shown interest in tapping into Indonesia's oil and gas assets with substantial reserves, according to Djoko Siswanto, head of the country's upstream regulator SKK Migas, who made the statement on May 20. Djoko noted that Chevron is evaluating blocks that could hold approximately 15 trillion cubic feet of gas, though the company is still in the early stages of assessing these opportunities. Chevron Corporation (NYSE:CVX) is one of the leading players in the global oil and gas industry, known for producing and marketing a wide array of refined products such as gasoline, diesel, jet and marine fuel, premium base oils, lubricants, and additives. It operates five refineries across the United States and maintains a strong retail presence through its Chevron and Texaco-branded service stations. As part of its renewed interest, Chevron Corporation (NYSE:CVX) may consider acquiring blocks in Bali or other regions in eastern Indonesia. Chevron's relationship with Indonesia dates back to 1924, when it first sent a geological team to explore the island of Sumatra. Over the decades, the company has extracted over 12 billion barrels of oil from the country's onshore and offshore fields. In partnership with the Indonesian government and other stakeholders, Chevron Corporation (NYSE:CVX)'s operations have contributed significantly to the local economy. However, in 2023, the company exited the country after divesting its interest in the Indonesia Deepwater Development (IDD) project, which had been delayed due to changes in the facility's design. While we acknowledge the potential of CVX to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CVX and that has 100x upside potential, check out our report about this cheapest AI stock. READ MORE: and Disclosure. None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
