JAKARTA--Indonesia's energy ministry said on Monday the upstream oil and gas regulator SKK Migas agreed with Japanese oil and gas company Inpex Corp. on a framework for revised plan of development for the Masela gas block.
The government expects to have at least 50% share in production from the block, which will be developed with an estimated investment of $20 billion, the ministry said in a statement.
The agreement on the framework was reached on May 16, during a visit by Indonesian officials to Tokyo, it added.
Egypt expects investments of at least $750 million to $800 million in the first stage of exploration in the 12 concessions, Petroleum Minister Tarek El Molla said during a press conference.
Uganda expects to begin producing oil in 2022, its energy minister Irene Muloni said on Feb. 13, indicating a slight delay from the east African country’s revised target of 2021.
U.S. energy firms added oil rigs for a second week in a row even as oil prices fell to 18-month lows and headed for losses of more than 20% this year.