SKK Migas Aims For 133 Non-PSN Projects Of IDR 58 Trillion In 2029

Head of SKK Migas Dwi Soetjipto (Photo: SKK Migas)

JAKARTA - The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) targets the upstream oil and gas industry to have 133 non-PSN projects (National Strategic Projects) with an investment of IDR 58 trillion by 2029.

"As of 2029, the upstream oil and gas industry has a total of 133 projects, with a total investment value of US$3.76 billion or Rp58 trillion," said Head of SKK Migas Dwi Soetjipto quoting Antara.

Especially for the Riau Islands, Dwi continued, there are several projects that are currently and will run. These projects include the Forel and West Belut projects with Medco Natuna Sea B as the contractor for its cooperation contract (KKKS).

The project is targeted onstream in the fourth quarter of 2024 with production of 10,000 barrels of oil per day (BOPD) and 50 million standard cubic feet per day (MMSCFD).

Then, there is the Mako (KKKS West Natuna Exploration Ltd) project targeted onstream in the fourth quarter of 2025 with a production of 120 MMSCFD; the Ande-Ande Lumut (KKKS Prima Energy Natuna) project targeted onstream in the first quarter of 2028, with a production of 20,000 BOPDs.

Fourth, namely the Sea Lion and Seahorse (KKKS Harbor Energy) project, for gas targeted onstream in the fourth quarter of 2026 with a production of 135 MMSCFD, while oil is targeted onstream in the fourth quarter of 2028 with production of 20,313 BOPD.

"The condition of increasing investment, activities, and the number of new projects in Indonesia also provides great challenges and opportunities for stakeholders in the upstream oil and gas industry supply chain," said Dwi.

Furthermore, in terms of investment for PSN in the upstream oil and gas industrial sector, it is targeted to reach 37.2 billion US dollars.

Previously, Dwi said investment projections in 2024 reached 16.1 billion US dollars or around Rp. 263.79 trillion (assuming an exchange rate of Rp. 16,385 per US dollar). Dwi said the projection was still higher than the 2023 achievement which reached 13.7 billion US dollars or Rp. 224.47 trillion.