The East Natuna gas block is the world's biggest undeveloped gas field located in the South China Sea with estimated gas reserves of around 222 trillion cubic feet (6.3 trillion cubic meters). Gas companies have had difficulties developing the field as it has a high CO2 content of 70%.
"We are again discussing auctioning the [East Natuna] gas block, as all this carbon that was once a problem could be used now," Tasrif was quoted by the Dunia Energi news portal as saying, adding that now many companies had the necessary technologies to develop the gas field.
The minister noted that development of the East Natuna field would have a dramatic impact on the Indonesian economy and regional gas market.
The gas field was discovered in 1973. In 1980, Indonesian state-owned oil company Pertamina and Exxon created a joint venture to develop the field, but eventually the project has was not implemented due to the high CO2 content, with the two companies parting ways in 2007.