Indonesia has launched the first of its 2023 licensing rounds, offering three blocks — one of which has giant oil and gas potential – to prospective investors.

The Ministry of Energy & Mineral Resources (ESDM) on Monday unveiled the first batch of acreage up for grabs this year – the Akia, Beluga and Bengara I contract areas (CAs) — all of which are offered under Jakarta’s cost recovery profit sharing scheme.

The Akia CA located off the coast of North Kalimantan is an exploration block with an estimated resource of 2 billion barrels of oil and 9 trillion cubic feet of gas.