Indonesia’s Oil Lifting Has Not Reached the APBN Target, Only 567 Thousand BOPD

Illustration (Photo: Doc. ANTARA)

JAKARTA - Acting Director General of Oil and Gas (Migas) of the Ministry of Energy and Mineral Resources (ESDM) Dadan Kusdiana reported that the average oil lifting until last March was only 567,650 barrels per day (BOPD).

This figure has only touched 89.4 percent of the target set in the 2024 State Budget (APBN), namely 635,000 BOPD.

"We can report that the realization until March 2024 is 567,650 BOPD or 89.4 percent of the APBN target," said Dadan, quoted Thursday, May 30.

Meanwhile, for natural gas production, Dadan revealed that the realization of gas pipelines until March 2024 was 885,460 barrels of oil equivalent per day (BOEPD) or around 85.7 percent of the target of 1.03 million BOEPD this year.

Meanwhile, for the 2025 target, Dadan said the gas lifting target was at the level of 1.036 million BOEPD or a slight increase compared to this year's target of 1.033 million BOEPD.

Dadan also said that he predicted that this year's realization would only be at level 995 BOEPD or below the APBN target, just like the oil lifting prognosis.

"Oil and gas lifting is 596 thousand BOPD (oil) and 995 BOEPD (gas) or below the 2024 APBN target," continued Dadan.

Dadan explained four main strategies to achieve oil and gas lifting.

One of them is by improving existing asset value through increasing drilling of development wells, workovers, well services, and reactivation of idle wells.

Second, transformation of resources to production through accelerating POD to accelerating onstream oil and gas upstream projects.

"Secondly, this is a transformation from resources to reserves, then from reserves to production through the POD process and onstream acceleration," he said.

The next strategy, said Dadan, is to maximize Enhanced Oil Recovery (EOR) and Waterflood. For example, accelerating EOR projects such as in the Minas Block.

Lastly, encourage Cooperation Contract Contractors (KKKS) to carry out large-scale exploration to obtain discoveries as expected.

"This is done by increasing exploration in offshore, deep sea and Eastern Indonesia. Currently, there are also discoveries in Layaran and Geng North in 2023," concluded Dadan.