Latest news with #Pertamina
Yahoo
15 hours ago
- Business
- Yahoo
Indonesia Energy Plans to Commence Drilling Two Wells at Kruh Block During the Remainder of 2025
JAKARTA, INDONESIA AND DANVILLE, CA, July 23, 2025 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced that it plans to drill two (2) back-to-back wells on IEC's 63,000 acre Kruh Block commencing in the fourth quarter of 2025. The new drilling activities will be supported by the previously announced exploratory seismic work which was undertaken by IEC during 2024 and early 2025 that upgraded IEC's wellsite prospects and drilling locations with a view towards maximizing production. IEC's planned drilling activities are expected to encompass: Two wells being drilled back-to-back to help minimize mobilization costs. A 750 horsepower drilling rig is planned to be used and is currently undergoing final inspection. The wells will be designated 'Kruh-29' (Kruh Field, planned total depth: 3,400 ft) and 'West Kruh-5' (West Kruh Field, planned total depth: 5,200 ft), representing IEC's first new well drilling activity in West Kruh Field. Surface locations and subsurface geology for both wells have been approved by SKK Migas and Pertamina, the applicable Indonesian government entities. For Kruh-29, land acquisition, logistics, and tubular material procurement have been completed. For West Kruh-5, tender documents for required third party vendors are being prepared. Spudding of Kruh-29 is expected in the middle of the fourth quarter of 2025, with production anticipated to begin by year-end. Mr. Frank Ingriselli, IEC's President, commented 'We are excited that government permits and necessary contractors are lining up to provide us with the ability to commence drilling our next well at the Kruh Block before year end and hopefully the drilling of a second well before year end or soon thereafter. This comes after our heavy investment in critical seismic work in 2024 and early 2025 which will guide our efforts going forward. If results from these next wells are positive, we are hopeful that a significant increase in our reserves will be forthcoming as we continue to work towards drilling a total of 18 new wells at Kruh in the coming years as we seek to maximize the potential for this asset and drive shareholder value.' In May 2025, IEC reported that investments in Kruh Block and the 3D seismic work completed earlier this year resulted in a 60% increase in proved gross reserves. More information regarding IEC's planned drilling activities and reserve details for the Kruh Block and the Citarum Block can be found in IEC's annual report on Form 20-F which was filed on April 29, 2025 with the Securities and Exchange Commission and is available on IEC's website at: About Indonesia Energy Corporation Limited Indonesia Energy Corporation Limited (NYSE American: INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC's principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (195,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit Cautionary Statement Regarding Forward-Looking Statements All statements in this press release, and related statements of Indonesia Energy Corporation Limited ('IEC') and its representatives and partners that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Acts'). In particular, the words 'could,' "estimates," 'seek,' "believes," "hopes," "expects," "intends," 'on-track', "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. In this press release, forward-looking statements include, without imitation those related to IEC's future drilling plans at Kruh Block. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of significant risks, uncertainties, and other factors, many of which are outside of the IEC's control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Company's annual report on Form 20-F for the fiscal year ended December 31, 2024, filed on April 29, 2025, and other filings with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC's website, and IEC's website at IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. Company Contact:Frank C. IngriselliPresident, Indonesia Energy Corporation in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Star
2 days ago
- Politics
- The Star
Indonesian authorities track Pertamina suspect Riza Chalid to Malaysia
JAKARTA: The Immigration and Corrections Ministry has revealed that the last-known whereabouts of Muhammad Riza Chalid, a key suspect in the high-profile corruption case involving state-owned oil and gas giant Pertamina, was traced to Malaysia. The ministry said last week that Riza departed Indonesia on Feb 6 for Malaysia and had not returned since. 'Based on the information we have, he is still in Malaysia to date,' deputy immigration minister Silmy Karim told reporters on Monday (July 21), as quoted by Antara. Acting immigration director general Yuldi Yusman previously said his office was coordinating with its Malaysian office and had 'communicated with the Malaysian Immigration Department and the Royal Malaysia Police to locate Riza'. He added that Riza had entered Singapore in August 2024 on a visitor visa. Also last week, in response to media reports speculating about his whereabouts shortly after he was declared a suspect in the Pertamina case, the Ministry of Foreign Affairs Singapore announced that Riza was not in the island state and 'had not entered Singapore for quite some time'. Separately, Attorney General's Office (AGO) spokesperson Anang Supriatna said investigators had been aware that immigration authorities had tracked Riza to Malaysia. 'We are currently looking into it to verify the details while continuing [our] efforts to bring Riza in for questioning," Anang told The Jakarta Post on Saturday. He added that the AGO would send a summons to Riza's registered address in Indonesia this week. If Riza failed to respond to multiple summonses, however, investigators might consider taking firmer action to compel him to appear for questioning, Anang said, without providing details on potential measures. Legal experts have meanwhile suggested that Indonesia could declare Riza a fugitive and submit a Red Notice request to Interpol to kick off an international manhunt, as well as initiate extradition proceedings. The Extradition Law contains provisions on the involuntary return of fugitives involved in high criminal offences in Indonesia, such as corruption. The law is ratified in bilateral treaties with several countries, particularly neighbouring nations with high cross-border mobility, including Malaysia, the Philippines, Singapore and Australia. Dubbed the 'godfather of oil' for his influence in the industry, the AGO named Riza as a suspect on July 11 for allegedly conspiring with executives of Pertamina and its subsidiaries to manipulate a leasing agreement for a fuel terminal in Merak, Banten, even though the oil and gas giant had no need of additional storage. As the beneficial owner of private fuel terminal and logistics companies PT Tangki Merak and PT Orbit Terminal Merak, Riza is also accused of profiting from the inflated terminal leasing agreement with Pertamina. The 17 other suspects, which include current and former senior executives of Pertamina and its subsidiaries as well as private companies such as Riza's son Kerry Adrianto, are already in the AGO's custody in connection with the case, which has incurred an estimated Rp 286 trillion (US$17 billion) in state losses. The AGO's initial investigation into the Pertamina corruption case centered on fraudulent schemes related to fuel import deals from 2018 to 2023 and the procurement of lower-octane subsidised gasoline for resale as a more expensive brand. The scandal has caused public trust in the state oil and gas holding company to plummet as fears rose among consumers nationwide that they might have been tricked into paying premium prices for low-quality fuel. - The Jakarta Post/ANN
The Star
6 days ago
- Business
- The Star
Indonesia still negotiating details, exemptions on US tariff deal: Official
JAKARTA: Indonesia is still negotiating the details of its recently-reached trade deal with the United States after the latter lowered tariff rates on the South-East Asian country, and is pursuing exemptions for its exports of palm oil and nickel, an official said on Friday (July 18). The two countries reached a trade deal that led to a reduction in the proposed tariff rate to 19% from 32%. The deal was one of only a handful reached so far by the Trump administration ahead of the Aug 1 negotiation deadline. Susiwijono Moegiarso (pic), a senior official at the country's economic ministry, told reporters that the two countries are still negotiating the fine details of the agreement, adding that the 19% rate will be imposed on top of existing sectoral tariffs. Indonesia has asked the United States to exempt its exports of cocoa, rubber, crude palm oil and nickel from the levy, he said, adding that US technology products will also be exempted from Indonesia's "local content" rules, which require companies to use locally-made components in its manufacturing. Indonesia is the world's biggest palm oil producer and the biggest supplier to the United States, accounting for 85% of its total imports in 2024. "This is a good opportunity, this will become a good factor for us," Susiwijono said. "The deal should be good to support our exports." Indonesia will also buy jets for its flag carrier Garuda Indonesia from Boeing, and its state energy firm Pertamina will also import energy from the United States, subject to business reviews, Susiwijono said. He added that all US goods imported into Indonesia will face zero tariffs, with the exception of alcoholic drinks and pork, and some US goods will be exempted from import quota rules. - Reuters
Free Malaysia Today
7 days ago
- Business
- Free Malaysia Today
We're ready to cooperate in Indonesian oil tycoon probe, says immigration DG
Immigration director-general Zakaria Shaaban says his department will give its full cooperation if an official request is made by Indonesian authorities. (Bernama pic) PETALING JAYA : The Malaysian immigration department says it is prepared to cooperate with its Indonesian counterparts in a probe involving oil tycoon Riza Chalid, a suspect in a corruption case related to fuel imports. The Indonesian businessman is believed to be in Malaysia, Harian Metro reported. 'The immigration department will give its full cooperation if Indonesia makes an official request,' director-general Zakaria Shaaban was quoted as saying today. Yesterday, Indonesian weekly Tempo reported that the republic's directorate general of immigration at the law and human rights ministry is coordinating with immigration officials in Malaysia to confirm Riza's whereabouts. Acting Indonesian immigration director-general Yuldi Yusman said immigration records show Riza has been in Malaysia since Feb 6 after departing from Soekarno-Hatta Airport. On Saturday, The Jakarta Post reported that Riza was named as a suspect in a corruption case linked to fuel imports at subsidiaries of Pertamina, the state-owned oil and gas giant, which registered losses amounting to trillions of rupiah. Indonesian investigators said they found enough evidence to name the businessman a suspect in a probe that has seen seven people arrested so far, including Riza's son, Kerry Adrianto. It was previously reported that the director of investigation at the attorney-general's office in Indonesia, Abdul Qohar, said Riza could be in Singapore. However, Yuldi confirmed yesterday that Riza is not currently in Singapore.
Free Malaysia Today
16-07-2025
- Business
- Free Malaysia Today
Indonesian oil tycoon linked to graft case said to be in Malaysia
Riza Chalid is said to be a suspect in a corruption case linked to fuel imports at subsidiaries of Pertamina, the state-owned oil and gas giant. (Facebook pic) PETALING JAYA : Indonesian oil tycoon Riza Chalid, who is a suspect in a corruption case related to fuel imports, is believed to be in Malaysia, the republic's authorities revealed. Indonesia's directorate general of immigration at the law and human rights ministry said they are coordinating with immigration officials in Malaysia to confirm Riza's whereabouts, the Indonesian weekly, Tempo, reported. Acting Indonesian immigration director-general Yuldi Yusman said since Riza left the country, he 'has not returned to Indonesian territory' . 'His whereabouts are suspected to be in Malaysia at the moment,' he was quoted as saying. Yuldi was earlier quoted by Tempo as saying that immigration records show Riza has been in Malaysia since Feb 6 after departing from Soekarno-Hatta Airport. On Saturday, The Jakarta Post reported that Riza was named as a suspect in a corruption case linked to fuel imports at subsidiaries of Pertamina, the state-owned oil and gas giant, which registered trillions in losses. Indonesian investigators said they found enough evidence to name the businessman a suspect in their probe which has seen seven people arrested, including Riza's son, Kerry Adrianto. It was previously reported that the director of investigation at the attorney-general's office in Indonesia, Abdul Qohar, said Riza, who remains on the wanted list, could be in Singapore. However, Yuldi confirmed this afternoon that Riza is not currently in Singapore.
