Towards The End Of The Year, The Achievement Of Oil And Gas Lifting Is Still Below The Target

JAKARTA - The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) reported its performance in the third quarter of 2023 to Commission VII DPR RI.

Head of SKK Migas, Dwi Soetjipto reported, until October 31, 2023, the realization of oil lifting was at the level of 604.3 barrels of oil per day (BOPD) or 91.6 percent of the target set in the APBN of 660,000 BOPD.

Meanwhile, the realization of the gas channel until October 2023 has only reached 5,353 million cubic feet per day (MMSCFD) or 86.9 percent of the target set in the APBN of 6,160 MMSCFD. SKK Migas projects that the gas distribution will reach 5,400 MMSCFD or 87.7 percent of the APBN target in December 2023.

Still related to the gas channel, Dwi said that the Resilient Train 3 project, which was just inaugurated by President Joko Widodo some time ago, also faced problems during the commissioning process so that the first drop carried out last September was also carried out in stages.

"November will start to increase capacity and then stop again. God willing, December will be full so that it is hoped that in 2024 we can expect additional gas production in Train 3 to be greater," Dwi said in a Hearing Meeting with Commission VII DPR RI quoted on Friday, December 1.

Meanwhile, the Reserve Replacement Ratio (RR) or the ratio of replacement reserves, especially exploration, he said, could still be maintained above the 100 percent average.

"God willing, this will begin to rise in exploration in Indonesia," he said.

Dwi also estimates that the RRR until December 31, 2023 will be in the range of 143.7 percent. In terms of cost recovery, Dwi also said that it is still under control of the target of 8.25 US dollars, and is projected to be in December 2023 of 7.8 US dollars so that it is still below the maximum cost recovery target.

Meanwhile, state revenues are expected to reach 90.1 percent of the 15.88 billion US dollars targeted, while outlooks in December 2023 set at 14.3 billion US dollars.

"Investment in our longterm plan for 2023 is targeted at 13 billion US dollars, until October 10.2 billion and until December the outlook is 13.8 billion US dollars so that there is an increase compared to last year, approximately it will increase by around 20 percent more," concluded Dwi.