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Indonesia invites oil, gas bidders

Sept. 17, 2013 at 6:47 AM   |   Comments

JAKARTA, Sept. 17 (UPI) -- The Indonesian government announced the first round of auctions for more than a dozen oil and gas blocks has been initiated.

The Indonesian Ministry of Energy and Resources called on international energy companies to submit bids for 18 onshore and offshore blocks primarily in the eastern part of the country.

The Antara news agency reported Monday the bids are open through January.

The report didn't indicate the reserve potential or any conditions associated with bids. All documents are to be submitted to the government before Jan. 27, Antara reported.

Indonesia has struggled to expand oil and natural gas production because of aging infrastructure.

A former member of the Organization of Petroleum Exporting Countries, Indonesia as of January 2012 had 3.9 billion barrels of proven oil reserves. The Energy Information Administration, the analytical arm of the U.S. Energy Department, said the country boasts 141 trillion cubic feet of proven natural gas reserves.

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