Indonesia to Offer 10 New Oil and Gas Blocks to Investors, Ministry Says

OIL AND GAS - JAKARTA. Indonesia has announced plans to offer 10 new oil and gas blocks to investors in an attempt to boost its reserves, its energy ministry said.

Here are some details:

The 10 new blocks stretch across Indonesia's main islands, from Sumatra to Papua, energy ministry official Laode Sulaeman said on Wednesday.

The blocks are a part of a total of 110 blocks currently being considered as potential areas for oil and gas exploration.

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The ministry did not give the size of the oil and gas resources in the offered blocks.

Auctions for the new blocks will be held from April 1 to April 10.

Indonesia's oil and gas production has been on a downward trend in the past decade due to depleting reserves caused by ageing wells.

Indonesia has pledged to increase offerings of oil and gas blocks to contractors in coming years as the government seeks to reverse the decline.