Indonesia's Ministry of Energy and Mineral Resources (ESDM) has named TIS Petroleum as the winner of the Perkasa Oil and Gas Working Area (WK). This determination is based on the results of the 2025 Phase I Direct Bid Auction for the Oil and Gas Working Area, with a firm commitment of USD 2,250,000 for the first three years and a USD 300,000 signature bonus.
Director General of Oil and Gas, Laode Sulaeman, explained that 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 sq km. The Perkasa Working Area is located offshore East Java with estimated reserves of approximately 228 million barrels of oil (MMBO) or 1.3 trillion cubic feet of gas (TCF).
Original announcement link (in Indonesian)
Source: Ministry of Energy and Mineral Resources
