Hess to Boost Investment in Indonesian Oil, Gas Assets

US oil and gas firm, Hess Corporation has decided to boost its investment in Indonesia by almost $200 million per year until the next 10 year with a total of $2 billion.

Local media reports said that the US based firm will start exploration in Fakfak, West Papua. It already operated in Tuban.

Hess is currently operating five oil and gas blocks in Indonesia. One block, Pangkah Block in offshore Java Sea, is in production. The rest of its blocks are still under exploration stage.

Hess Corporation has oil and gas assets in 23 countries around the world, including Indonesia. In Pangkah, Hess is the operator with participant rights of 75%. Hess also operates Offshore Timor Sea I Block, Semai V Block, and South Sesulu Block.