Indonesia Kutei exploration basin Report

Asset Report 01 February 2024

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Report summary

The Kutei Basin is the largest Cenozoic basin in Indonesia and covers an extensive area of onshore Kalimantan, extending into ultra-deepwater in the Makassar Strait. Future exploration drilling is expected offshore, where the majority of prospective resource lies: the shallow coastal waters of the Shelf play, and the Deepwater basin fan play. Compared to other Indonesian basins, the Kutei basin has delivered the largest amount of resource discovered. However, the Kutei Basin has underperformed in terms of value creation among its peers over the past decade, due to tough PSC terms, long project leads and small volumes discovered. This is set to change following recent acquisitions in the basin and the recent giant Geng North discovery. Exploration drilling in deepwater is ramping up, and the development of existing discoveries will be fast-tracked.