2023 Quarter I Oil Lifting Reaches 613 MBOEPD

JAKARTA - The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) reported that until March 31, 2023, the realization of oil lifting in the upstream oil and gas sector had only reached 613,700 barrels of the 2023 target of 660,000 barrels of oil.

"In terms of realization, of course, it has not been achieved, only 92.8 percent, but compared to last year it was better because last year in the same quarter there were 611,700," said Deputy Chairperson of SKK Migas Nanang Abdul Manaf at a press conference in Jakarta, Monday, April 17.

Meanwhile, in terms of gas lines, SKK Mogas noted that the realization of gas lines until March 31, 2023 was 5399 MMSCFD from the 2023 target of 6160 MMSCFD.

"In terms of achievement, 87.6 percent, but when compared to last year's better, 1.5 percent was above last year's achievement," Nanang continued.

For cost recovery, Nanang continued, the realization of cost recovery until March 2023 was recorded at USD 1.53 billion from the target of USD 8.25 billion in 2023 or reached 18.5 percent of the target.

As for state revenues as of March 31, 2023, it was recorded at US$3.57 billion or lower than the same period the previous year of US$4.36 billion.

"In fact, in terms of production compared to last year's position in the first quarter, it was better but in terms of prices compared to last year, this is lower," said Nanang.

For this reason, the realization of state revenues in 2023 is 22.5 percent.

"There are still 9 months. We hope to achieve the target this year," he said.

In terms of realization, the achievement until the first quarter reached 2.63 billion US dollars from the target of 15.54 billion dollars or only 16.9 percent.

"There are some that have not been recorded because there are exploration activities that have been completed but have not been recorded because all work has not been completed. Compared to last year, this year it was better around 25.2 percent compared to the same position in the first quarter," concluded Nanang.