JAKARTA - The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) reports that the ratio to replace oil and gas reserves or the reservoir ratio (RR) has reached 97.5 percent in September, and reached 100 percent in October 2022.
Head of SKK Migas Dwi Soetjipto estimates that by the end of 2022 the RRR achievement will reach around 186 percent of the target, so that for five consecutive years SKK Migas will reach the RRR target above 100 percent and contribute to supporting efforts to increase oil and gas production in the future.
"Reserve replacement ratio is a backup discovery in exchange for oil or gas taken, by the end of September we have reached 97.5 percent. As of today, with several findings in early October, we can get 100 percent of the reserve coverage ratio," Dwi said at a press conference in Jakarta, Monday, October 17.
Dwi said, with the ratio of new oil and gas reserves findings that had reached 97.5 percent as of September, it was equivalent to 558.85 million barrels of oil and worth 10.9 billion US dollars.
"The realization of the investment commitment from this POD/OPLL approval until the third quarter reached 10.9 billion US dollars. So this reserve increase also has an impact on the investment plan from the projects that we agreed to during 2022 is 10.99 billion US dollars. In the future, this 10.9 billion dollars will be a project, also at the same time additional reserves of 558.85 million barrels of oil equivalent," he continued.
He detailed that the discovery of exploration wells in 2022 which contributed to the 97.5 percent reserve recommendation ratio was 21 tax wells with a success ratio of 77 percent, of which 7 wells were in the work stage, 10 discoveries, 2 dry, and 1 inconclusive.
"The success ratio is 77 percent. In the world, if there is an exploration like this, the success ratio is actually 30 percent. So maybe we are still looking for something safe with high potential for success," he said.
Dwi continued, in the future, Indonesia can still carry out more aggressive oil and gas exploration and be more at risk with lower success ratios such as in the deep sea and so on.
"So maybe in the long term, Indonesian oil and gas maybe we can be more daring to take drilling in more risky places, such as the inner sea and so on. This is hopefully in the future lowering the success ratio, but more aggressively. We hope for this," said Dwi.
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