SKK Migas Adds 495 MMBOE Oil And Gas Reserves In 7 Months

Illustration (Photo: Doc. ANTARA)

JAKARTA - The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) noted that in just seven months efforts to accelerate the transformation of reserves to production managed to increase oil and gas reserves by around 495 million barrels of oil equivalent (MMBOE).

Deputy for Exploration, Development and Management of the SKK Migas Working Area Benny Lubiantara explained that the additional reserves were in the form of 91 million barrels of oil (MMBO) and 2,261 billion cubic feet (BSCF) gas equivalent to 495 million MMBOE.

The addition of oil and gas reserves comes from the approval of 18 PODs and the like submitted by the KKKS and has been approved by SKK Migas until July 2023.

"The addition of oil and gas reserves up to 495 MMBOE until July 2023 has approached the oil and gas production prognosis until the end of 2023. Therefore, it is certain that the position of national oil and gas reserves in 2023 will be greater than the position of national oil and gas reserves in 2022," said Benny, quoted on Saturday, September 2.

Benny added, there was a significant addition of reserves in the last 1 (month) month when compared to the achievement until the first semester in June 2023 which was 340 MMBOE.

Within 1 month, SKK Migas managed to significantly increase oil and gas reserves by 155 MBOE, an increase of about 46 percent.

"We will continue to work hard to resolve the POD submitted by the Cooperation Contract Contract Contractor (KKKS), so that all submissions submitted to the Oil and Gas SKK can be completed until December 2023, so that national oil and gas reserves can certainly increase higher than last year," he continued.

He added, since 2018, SKK Migas has succeeded in maintaining the achievement of the target reserve displacement ratio (RR) above 100 percent, which shows that the addition of oil and gas reserves exceeds those produced.

"We project that the achievement of RRR in 2023 will be around 144 percent, so that in 2023 it will be 6 (six) consecutive years RRR reaching above 100 percent. On average, from 2018 to 2023, it is estimated that the average RRR achievement is around 163 percent, which shows that SKK Migas has succeeded in increasing the RRR by around 63 percent higher than the target," explained Benny.

Just so you know, based on SKK Migas data, RRR's achievements in the range from 2013 to 2017 were around 64 percent, with details of RRR 2013 at 74 percent, in 2014 at 67 percent, in 2015 at 60 percent, in 2016 at 64 percent and 2017 at 55 percent.

Benny said that the discovery of oil and gas is currently dominated by discoveries in the form of gas, thereby increasing gas reserves nationally.

"In the energy transition era, the role of gas will be increasingly needed, in addition to the large reserves, also because the gas carbon emissions are the lowest compared to other fossil energy," concluded Benny.