"We offer potential blocks in the Bali area and other regions, such as in the east, where the potential is quite large," he remarked when met on the sidelines of the IPA Convention & Exhibition in Tangerang, as quoted on Wednesday.
According to Siswanto, the oil and gas potential was estimated to reach 15 trillion cubic feet (TCF) or higher.
He explained that the offer was made in response to Chevron's interest in reinvesting in Indonesia's upstream oil and gas industry.
Siswanto noted that Chevron is interested in returning to Indonesia and is looking for giant oil and gas blocks.
"They want to look for the big ones with the big potential. Therefore, the investment will be quite large," he stated.
Regarding data on oil and gas blocks from the government, he remarked that Chevron had only held initial discussions and would study it further.
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Later, once Chevron enters Indonesia, the company will focus on exploration activities, Siswanto stated.
"They are still looking and evaluating what Indonesia can provide for them. (It is) because this exploration is considered high risk," he remarked.
Earlier, Siswanto stated that 25 oil and gas companies, including Shell, Chevron, and TotalEnergies, have shown interest in exploring the potential of Indonesia's upstream oil and gas industry.
In order to facilitate those oil and gas companies, he said the government had provided better upstream oil and gas industry data, introduced more flexible fiscal terms or upstream oil and gas fiscal provisions, and simplified licensing processes.
Additionally, he highlighted that the government has enhanced data connectivity and issued regulations regarding data transparency.
Interest from various oil and gas companies aligns with the Indonesian government's plan to offer 60 new oil and gas blocks for exploration between 2025 and 2027.
This initiative aims to boost oil production capacity to meet domestic demand.
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Translator: Putu Indah S, Resinta Sulistiyandari
Editor: Rahmad Nasution
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