Repsol and partners Petronas and Moeco have made the largest gas find in Indonesia in 18 years. The discovery is also among the 10 largest finds worldwide in the last 12 months, according to a press release form the consortium. The KBD-2X well in South Sumatra provides preliminary estimation of at least 2 Tcf of recoverable resources.
The find would translate into more than 350 million barrels of oil equivalent. Before this find, Repsol had global gas reserves equivalent to around 1.7 billion barrels of oil.
The discovery was made in the Sakakemang block in South Sumatra, where Repsol, as operator, holds a 45% working interest. Petronas owns 45% and Moeco the remaining 10%.
Madrid-based Repsol will continue the exploratory work in the coming months with an additional planned appraisal well. Repsol has cooperated closely with SKK Migas on the exploration activity carried out in the block and continues to work on next steps with Indonesian authorities.
Indonesia is the focus of Repsol’s exploration investments in Southeast Asia. Repsol holds several licenses in Sumatra, both onshore and offshore, and plans to execute an intense drilling and seismic acquisition campaign in 2019 and 2020.
Repsol’s exploration and production strategy is focused on the development of gas assets, considered a key fuel for the energy transition to a low-carbon global economy. Gas makes up three-quarters of the company’s reserves and two-thirds of output.
Repsol has made more than 50 hydrocarbon discoveries during the 2007-2019 period. The company said more than half of these discoveries are already in production.
Repsol has proprietary cutting-edge technology that has allowed the company high exploration success, and develops innovative projects in this area of expertise in collaboration with world-renowned companies and institutions.
Reuters contributed to this article.
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