Pursuing Big Fish Findings, This Year SKK Migas Target Investment Exploration Grows 100 Percent

JAKARTA - Head of the Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) Dwi Soetjipto targets exploration investments in 2024 to reach 1.8 billion US dollars.

This amount is much higher than the realization in 2023 which was recorded at 900 million US dollars.

"We convey the realization of years of exploration in the range of 500 million US dollars, then an increase last year of 900 million US dollars and 2024 targeted 1.8 billion US dollars," said Dwi Soetjipto in a joint hearing with Commission VII DPR, Wednesday, March 13.

Dwi said this ambitious target was taken for the discovery of large reserves or 'big fish' that could be used to meet domestic oil and gas needs and pursue the oil and gas lifting target set at 1 million barrels of oil per day and gas at 12 BSCFD.

"The aspect of exploration is our focus to improve as stated in our informal discussion regarding when production will increase. In the short term in Javanese we can still 'core', in the long term we have to meet large reserves," continued Dwi.

The former President Director of Pertamina also said that the exploration target must also be shifted from small-medium to medium-large. The shift has been carried out since 2023.

"This shift occurred in the 2024 graphics, then 2023, and the previous year which led to a small resource potential to become large," added Dwi.

On the same occasion, Dwi also explained several major findings in 2023, including the North Gang and the Screen which are included in the top 5 largest findings in the world.

"This is also the largest finding since the Eternal Field (Masela) in 2000 and Banyu Urip in 2001. Drilling has started to increase in 2017, so it has started to increase," concluded Dwi.