Indonesian state-owned oil and natural gas company Pertamina has reportedly received approval for the $2.41 billion investment plan to expand the Rokan oil block.
Pertamina has received the approval from the country’s oil and gas regulator Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas). With the approval, Pertamina is allowed to commence a second phase of development at its Rokan block, which includes a plan to drill 821 new wells and other facility upgrades.
SKK Migas chairman Dwi Soetjipto told Reuters: “Rokan block is still a backbone of national oil production with an average production of around 160,000 barrels per day currently. We hope that with the approval of (the development), Pertamina Hulu Rokan can achieve its production target of 180,000 barrels per day this year.”
Global oil consumption in 2019 (pre-Covid) was 97.6 million barrels per day.