TEMPO.CO, Jakarta - Russian oil and gas company Zarubezhneft plans to resume development of Indonesia’s Tuna Block in June after delays caused by the withdrawal of its former partner, Harbour Energy, according to Indonesia’s Energy and Mineral Resources Ministry.
Deputy Energy and Mineral Resources Minister Yuliot said the commitment was conveyed during a meeting with officials from Joint Stock Company Zarubezhneft on the sidelines of the 14th Indonesia-Russia Joint Commission Session on Trade, Economic, and Technical Cooperation in Kazan, Russia.
“We met with Zarubezhneft and discussed the continuation of the Tuna Block project, which has been delayed. Zarubezhneft expressed its commitment to continue the project in June next month,” Yuliot said in an official statement confirmed by Antara on Friday.
The Tuna Block project was delayed after Harbour Energy, through its subsidiary Premier Oil, withdrew from the project. Premier Oil had previously partnered with Zarubezhneft in developing the offshore gas block.
“The government will provide support for the continuation of this project,” Yuliot said.
Zarubezhneft entered Indonesia’s energy sector in 2020 after its subsidiary, ZN Asia Ltd., acquired a 50 percent participating interest in the Tuna Block project in the Natuna Sea.
During the meeting, the Russian company also expressed interest in participating in additional oil and gas projects in Indonesia to help boost the country’s hydrocarbon production. The company proposed the use of Enhanced Oil Recovery (EOR) technology and the reactivation of idle oil wells.
Indonesia and Russia also recorded Zarubezhneft’s investment interest in the agreed minutes of the bilateral joint commission meeting.
According to the document, Russia noted Zarubezhneft’s intention to expand and strengthen cooperation with Indonesian partners, including participation in new upstream oil and gas projects with Indonesian energy companies.
Russia also requested Indonesia’s support in completing compliance processes for companies nominated by Zarubezhneft to begin organizing crude oil supplies to Indonesia.
Read: Iran, Russia Foreign Ministers Discuss Tehran's Nuclear Program in New Delhi
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