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View all search resultsRI secures Russian commitment to resume stalled Tuna Block project
The government has secured a fresh commitment from Russian oil and gas firm Zarubezhneft to resume the long-stalled Tuna Block project in the Natuna Sea, with operations to restart next month.
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An oil and gas rig in the Offshore North West Java (ONWJ) Block operated by state-owned oil company Pertamina is seen in an undated picture. (SKK Migas/Handout)
T
he government has secured a fresh commitment from Russian oil and gas firm Zarubezhneft to resume the long-stalled Tuna Block project in the Natuna Sea, with operations to restart next month, Deputy Energy and Mineral Resources Minister Yuliot Tanjung has said.
The announcement was made on the sidelines of the 14th Indonesia-Russia Joint Commission Meeting (SKB) on Trade, Economic and Technical Cooperation in Kazan, Russia, where Yuliot met with officials of the state-controlled company to discuss strategies to boost national oil and gas lifting.
“Zarubezhneft expressed its commitment to resuming the project in June, next month. The government will provide full support for the continuation of this project,” Yuliot said in a statement issued by the Energy Ministry on Wednesday.
The Tuna Block project, located in the highly prospective Natuna Sea, faced significant delays following the withdrawal of Premier Oil, a subsidiary of Harbour Energy, which was Zarubezhneft’s partner in the venture.
Harbour Energy has signed a sale and purchase agreement (SPA) to divest its participating interest in Natuna Sea Block A and the Tuna Block to Prime Group.
The transaction, valued at US$215 million, remains subject to government approval. Harbour Energy has targeted completing the divestment in the second quarter of this year.
Zarubezhneft first entered Indonesia's upstream sector in 2020, acquiring a 50 percent participating interest in the Tuna Project through its subsidiary, ZN Asia Ltd.
