Petronas JV unveils biggest gas discovery in Indonesia in 18 years

Petronas has a 45% stake in the consortium that found the largest gas resources in Indonesia in 18 years. (Reuters pic)

MADRID: A consortium led by Repsol has found new gas resources in Indonesia estimated at at least 2 trillion cubic feet, the Spanish oil and gas firm said on Tuesday, equivalent to around two years’ worth of Spanish demand.

The Madrid-based firm operates the well and holds a 45% stake, while Petronas owns 45% and Japan’s MOECO the remaining 10%.

The discovery at the Sakakemang block in South Sumatra is among the 10 largest finds worldwide in the last 12 months, and the biggest in Indonesia for 18 years, Repsol said.

Following its strategy to maximise the use of gas as major economies phase out carbon, Repsol plans to drill another appraisal well in the area in the coming months, it said.

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.