Indonesia awards five oil and gas blocks to boost reserves [Yahoo! Finance]
BP p.l.c. (BP)
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Source: Yahoo! Finance
This initiative is part of the country's broader plan to offer close to 60 blocks in the coming years to counteract a ten-year decrease in production. Energy and Mineral Resources Ministry Senior Official Tri Winarno said: "The government hopes these auction winners will be able to contribute to Indonesia's energy security ahead." The Gaea and Gaea II blocks in West Papua have been awarded to a consortium that includes Enquest Petroleum Production Malaysia, BP Exploration Indonesia and CNOOC Southeast Asia. The Gaea block boasts an estimated 9.6 billion barrels (bbbl) of oil or 71.8 trillion cubic feet of gas, while Gaea II is believed to contain around 8.5bbbl billion barrels of oil or 35.1 trillion cubic feet of gas, according to the government spokesperson. In offshore Maluku, the Binaiya block, with potential reserves of 6.7bbbl of oil and 15 trillion cubic feet of gas, has been assigned to PT Pertamina Hulu Energy, Petronas's PC North Mandura II and SK Earthon from South
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