SKK Migas Targets Investments Of 15.5 Billion US Dollars

JAKARTA - The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) targets the investment value of upstream oil and gas in the country to reach 15.5 billion US dollars, an increase of 26 percent from 2022 or higher than global investment growth of around 6.5 percent.

The investment target for 2023 is also the highest since 2016.

Head of SKK Migas Dwi Soetjipto said the increase in investment was clear evidence that the changes had existed, to bring back the revival of the upstream oil and gas industry to achieve new milestones with the largest oil and gas production of all time in 2030.

"This increase in investment is supported by an increase in exploration investment, after more than 7 years of under USD 1 billion, in 2023 USD 1.7 billion or an increase of 112 percent from investment in 2022. The success of finding new oil and gas reserves is the foundation for the sustainability of the upstream oil and gas industry in the future," he said at the CEO Forum in Jakarta, quoted on Saturday, January 28.

To achieve this target, SKK Migas accumulates CEOs/highest leadership of Cooperation Contract Contractors (KKKS) to discuss production, plant availability and cost efficiency per barrel, submission of Long Term Plan (LTP) & 2023 work plans, implementation of the results of input from the previous Forum CEO, and KKKS conveys the input and support needs needed to achieve the short and long term targets.

The CEO of this Forum can continue to be an intense collaboration enabler between the Ministry of Energy and Mineral Resources, SKK Migas and investors. This collaboration is one of the most important enablers to increase investment and activity upstream oil and gas in Indonesia. The CEO of the Forum this time is the fifth CEO of the Forum organized by SKK Migas and KKKS, in addition to the CEO of the Forum which was carried out as part of the International Convention on Indonesian Upstream Oil and Gas, "said Dwi.

Dwi added that in this meeting it was hoped that the KKKS CEOs could convey the input or support needed in building a conducive upstream oil and gas industry to achieve short-term and long-term targets.

"The completion of the implementation of this Forum, it is hoped that SKK Migas and KKKS can have the same direction of movement, in the same ship to increase productivity and efficiency to achieve the 2023 target. So that what has been agreed in WP&B and its investment commitment can be realized," concluded Dwi.