Success Ratio Of Exploration Wells Reaches 80 Percent, Oil And Gas Reserves Can Increase Significantly Until The End Of The Year

Illustration (Photo: Pixabay)

JAKARTA - The prospect of oil and gas discoveries in Indonesia is still attractive. The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) reported that of the five exploration wells that had been drilled by the Cooperation Contract Contractors (KKKS) in the first quarter of 2022, four wells recorded discoveries.

With that note, the success ratio of exploration wells has reached 80 percent.

Head of SKK Migas Dwi Soetjipto said that when compared to the discovery of exploration wells in 2021 which recorded a success ratio of 55 percent and a global success ratio (IHS) which reached 23.8 percent, the discovery of exploration wells in the first quarter of 2022 recorded a very good performance.

"We express our gratitude for the initiative and hard work of the KKKS so that the performance of drilling exploration wells in the first quarter of 2022 recorded a good achievement. This will certainly give us enthusiasm to continue to intensify exploration activities in the future, considering that of the 128 potential oil and gas basins in Indonesia, only 20 are already producing," said Dwi in a written statement received by VOI, Monday, April 25.

Dwi added that the total resources generated from the discovery of 4 exploration wells with potential resources reached around 197 MMBOE. The amount came from Anambas-2X operated by Kupec Anambas, MPT-1X operated by Pertamina Hulu Mahakam, GASOP D SOUTH-1 operated by Sele Raya Merangin Dua and SGET-001 operated by Pertamina EP.

Meanwhile, for the first quarter of 2022, the number of exploration drilling wells was higher than in the same period last year. For 2022, exploration drilling wells will reach 5 wells, or 125 percent higher than the same period in 2021 which reached 4 wells.

"Considering the high success ratio, it can be said that the prospect of oil and gas discoveries in Indonesia is still attractive. SKK Migas will oversee KKKS to be able to realize the entire exploration well drilling program which in 2022 is targeted for 51 exploration wells. If the success ratio can be maintained as achieved in the first quarter of 2022, then at the end of the year there will be a significant additional oil and gas reserves," said Dwi.

Furthermore, Dwi revealed that efforts to realize the long-term target of 2030, namely oil production of 1 million barrels per day (BOPD) and gas as much as 12 billion cubic feet per day (BSCFD), one of which is how to continue to find oil and gas reserves. Not only in the number of discoveries to be able to replace oil and gas reserves that are produced every year, but discoveries that exceed oil and gas production so that oil and gas reserves will increase and can be produced sustainably in larger quantities.

“The next challenge for any discovery of oil and gas reserves is how quickly they can be converted from reserves to production. SKK Migas continues to encourage KKKS to immediately prepare a plan of development (POD) for each discovery of oil and gas reserves, so that the existing potential can be immediately produced and increase the national oil and gas lifting," concluded Dwi.

©