We are present in Indonesia through our Upstream business with mineral rights to eight blocks (seven exploration wells and one under development/production). Moreover, we have been producing and distributing lubricants across the country for 20 years. Thanks to our sales growth, Indonesia has become the third largest market for our lubricants in the world.
Our activity in figures
barrels of oil equivalent in gas production
of total surface area
In May 2015, we incorporated this field into the Company's portfolio of productive assets. It is a non-operated block in which we have a 36% stake. Most of the natural gas produced in the Corridor block is sold through long-term sales agreements with PT Chevron Pacific Indonesia, Gas Supply Pte. Ltd., and PT Perusahaan Gas Negara. In the first half of 2015, an extension of the sales contract for gas from this block was agreed with COPI (Conoco Phillips Indonesia).
In the Sakakemang block, which is located in the south of the island of Sumatra, in 2019 we made the largest gas discovery in Indonesia in the past 18 years and one of the 10 largest hydrocarbon discoveries worldwide in the past twelve months. The well KBD-2X has an estimated 2 trillion cubic feet (TCF) of recoverable resources, and we are the operator with a 45% stake.
in 2020, a GCS (Geological Carbon Storage) project was launched in Sakakemang. The project is aligned with our commitment to achieve zero net emissions by 2050. For Repsol, this is a pioneering initiative in carbon capture and storage, comparable in size to others worldwide. We expect to capture 2 million tons (Mtn) of carbon annually, to total 30 Mtn over the life of the project, starting in 2026 and ending in 2040.
We designed an annual cross-company sustainability plan that incorporates ethical, environmental, and social considerations.
We have been producing and distributing lubricants in Malaysia for more than 20 years, and it was one of the initial countries where we entered for the first time with the direct sale of lubricants under our own brand and in partnership with Honda in Malaysia, where we produce their genuine oil. In November 2019, the Joint Venture with United Global Limited was formed, after purchasing a 40% stake in its lubricants manufacturer and distributor United Oil Company. This boosted our Company's presence in Southeast Asia, particularly in Indonesia, which is a key market for the Repsol Lubricants unit's international growth plan. With this acquisition, the bases were laid out to turn Repsol and United Global into one of the five major players in Indonesia's lubricants market.
Address: 11th Fl, Jl Jend Sudirman, Kav
Updated December 2020.