Government Lowers Oil Lifting Target for 2025 To 597,000 BOPD

Acting Director General of Oil and Gas at the Ministry of Energy and Mineral Resources Dadan Kusdiana. (Photo: Doc. ANTARA)

JAKARTA - The government through the Ministry of Energy and Mineral Resources (ESDM) has lowered the lifting target for 2025.

This is in line with the realization of oil lifting this year which is still far from the target.

Acting Director General of Oil and Gas (Migas) of the Ministry of Energy and Mineral Resources, Dadan Kusdiana, said that the government is proposing an oil lifting target in 2025 of 597,000 barrels per day (BOPD) or lower than the oil lifting target in 2024 which is set at 635,000 BOPD.

Dadan said that the realization of Indonesian oil lifting in the first quarter of 2024 was recorded at only 567,650 BOPD or the equivalent of 89.4 percent of the target set this year.

"The realization of petroleum lifting up to March 2024 was around 567,000 BOPD or reached 89.4 percent of the APBN target, while for the 2025 target, petroleum lifting was 597,000 BOPD," said Dadan, quoted Thursday, May 30.

Meanwhile, for natural gas production, Dadan revealed that the realization of gas pipelines until March 2024 was 885.46 thousand 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.

This year's realization, he predicts, will only be at level 995 BOEPD or below the APBN target, just like the oil lifting prognosis.

"Oil and gas lifting is 597 thousand BOPD (oil) and 995 BOEPD (gas) or below the 2024 APBN target," continued Dadan.

In order to achieve oil and gas lifting, Dadan explained four main strategies. One of them is 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.