JAKARTA - The Ministry of Energy and Mineral Resources (ESDM) noted that the realization of oil and gas lifting in 2021 will reach 660 thousand barrels per day (bpd). This number is down when compared to 2020 which reached 707 thousand bpd.
Minister of Energy and Mineral Resources Arifin Tasrif said the decline in oil and gas lifting was due to several things. Among other things, no other new oil reserves have been found.
"For example, when it is pumped, what comes out is oil mixed with water and at this time the production is also decreasing because the water composition is larger," said Arifin in a presentation on the performance of ESDM 2021, Wednesday, January 12.
In the future, ESDM will continue to explore to find new wells. Then, bring in new investors to explore. So it is hoped that in 2030 the oil and gas lifting target of 1 million bpd can be realized.
"The government will optimize oil and gas lifting by providing investment facilities and incentives to encourage the achievement of the oil and gas production target of 1 million bpod and 12 bscfd natural gas in 2030," he said. For that, he continued, ESDM has implemented several strategies to increase investment. among others, by applying the flexibility of oil and gas contracts as well as using a gross split or cost recovery scheme.
In addition, ESDM will also improve the contract terms and conditions at the oil and gas block auction. These include contract flexibility, signature bonuses, bidables, contract splits of up to 50 percent, DMO price of 100 percent, No Cost Celling, Investment Credit and accelerated depreciation.
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