Quest Petroleum NL (ASX:QPN) announced the approval of 12 new oil and gas development plans by BPMigas, Indonesia’s regulator, commenting that BPMigas’ agreement indicates the country’s commitment to increasing its output of those commodities.
As quoted in the press release:
The approved developments contemplate approximately $830 million of further investment into Indonesia’s oil & gas sector.
Quest Petroleum is preparing to drill its first exploration well in the highly prospective Kayumanis lead. Drilling rigs and materials are currently being sourced in preparation to drill.