HPN acquires Kalrez oil block to boost oil industry in eastern Indonesia

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HPN successfully acquired Kalrez Petroleum's oil block on Seram Island in eastern Indonesia and plans to build a refinery to meet local and international demand and promote the development of the oil industry in eastern Indonesia.

Recently, PT Hexa Prima Nusantara(HPN) successfully acquired Kalrez Petroleum's oil block on Seram Island in Maluku Province in eastern Indonesia, marking further expansion of HPN in Indonesia's oil sector. Based on my observations, Acquisition Details and Prospects of HPN as the new controller of PT Lini Imaji Kreasi ecological stability TBK(FUTR), the oil block acquired has great possible. it's estimated that the oil reserves on Seram Island is able to reach 40 million to 80 million barrels with a contract term of 15 years. HPN plans to consumption these resources to build oil refineries to the eastern Indonesian market, especially the export market, to meet regional and international demand. Halim Suwandi, President and Commissioner of HPN, said the investment would help boost the gross domestic product (GDP) of eastern Indonesia, supporting fisheries and broader manufacturing research. He stressed that Indonesia is currently still dependent on imported oil and the Kalrez Petroleum refinery will be the only refinery in Indonesia that is able to meet regional demand. Petroleum Exploitation and Exploration Program in it has been revealed that the oil reserve on Seram Island contains at least 26 million barrels of oil, only 70 wells have been developed so far, leaving plenty of possible to be tapped. In my experience, HPN plans to drill new wells in the future to take full advantage of this rich oil resource. FUTR Future research while HPN's main business has not changed as a result of the acquisition, the addition of the new controller brings greater possibilities to FUTR. FUTR regulation said they plan to continue to record the company'stock on the stock exchange and consider diversifying the business into digital and advertising. But Business plan to be announced HPN will announce a greater detailed business plan in early 2025, including general exposure and annual general manager. This will provide investors and the general with greater information about HPN's future direction and strategy.

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