An Indonesian official has confirmed that seven major oil and gas companies have sent in applications for exploration and production licenses for the Palmera onshore block in South Sumatra. Amongst the interested parties are ConocoPhillips, Talisman Energy Inc, Petronas, and Indonesia's own Pertamina.
According to Iin Arifin Takhyan, director general of oil and gas at the Ministry of Mines and Energy, "the seven companies will deliver their bids later this week [and] we will announce the winning bidder on Nov. 14."
This move is seen as the latest attempt to boost Indonesia's dwindling oil output, which despite having an OPEC oil quota of 1.317 million b/d, Indonesia currently only cranks out 1.1 million barrels a day of crude.
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