The Ministry of Energy and Mineral Resources has named TIS Petroleum (Asia) Pte Ltd as the winner of the Perkasa Oil and Gas Block auction with an initial investment or firm commitment for the first three years of US$2.25 million (Rp37 billion).
"The firm commitment includes two Geological and Geophysical (G&G) studies, as well as the acquisition and processing of 3D seismic data covering an area of 200 km²," said the Director General of Oil and Gas at the Ministry of Energy and Mineral Resources, Laode Sulaeman, as confirmed by ANTARA in Jakarta on Thursday.
In addition, there is a signing bonus of 300 thousand US dollars or around Rp. 5 billion.
The Perkasa Oil and Gas Block is located off the coast of East Java with estimated reserves of around 228 million barrels of oil (MMBO) or 1.3 trillion cubic feet of gas (TCF).
The official determination is stated in the Decree of the Minister of Energy and Mineral Resources Number 87.K/MG.04/DJM/2025 dated September 3, 2025.
"This decree also contains the results of the regular auction for the 2024 Phase II Oil and Gas Working Area (WK) for the Perkasa WK, and serves as the basis for the subsequent contract process," Laode said.
In addition to determining the winner of the Perkasa Oil and Gas Block, the government also announced a new block, namely the Gagah Oil and Gas Block in South Sumatra.
This 1,595.48 km² area has estimated reserves of 173 MMBO or 1.1 TCF, with a Cost Recovery profit sharing contract scheme.
The initial three-year firm commitment will consist of a G&G study and 3D seismic acquisition of 100 km², with a minimum signature bonus of US$300,000.
