Oil and Gas Supply Proven Increases 580 Million Equals Barrels of Oil in Semester I-2018

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A total of 26 planes of development (PoD) are approved throughout the first semester of 2018, providing additional oil and gas reserves of about 580 million barrels of oil equivalent.

This was stated by Head of Special Unit for Upstream Oil and Gas Business (SKK Migas), Amien Sunaryadi as reported by esdm.go.id page, Jakarta, Saturday (7/72018).

According to Amien, the additional reserves have a significant impact on achieving a reserve replacement ratio (RRR) of up to 148% of the 100% performance target. "Exploration activities are a crucial point to ensure the energy supply and stability of the Indonesian economy," Amien said.

Positive achievements are also inscribed state revenues from upstream oil and gas sector until the first semester of 2018 which has exceeded the target. Upstream oil and gas revenues have reached USD8.5 billion or around Rp115 trillion, 71% of the 2018 State Budget (APBN) target set at USD 11.9 billion.

"The achievement up to semester one reaches 71% of the government target and is projected to reach 120% by the end of 2018," said Amien.

The achievement of this exploration, said Amien, is also balanced with efforts to suppress the production decline naturally. Lifting oil and gas, achieving 1.923 million barrels of oil equivalent per day (boepd) or about 96% of the targeted state budget of 2 million boepd.

The details, oil lifting as 771 thousand barrels per day (bopd) or 96% of the target of 800 thousand bopd. The realization of natural gas lifting is 1.152 million boepd or 96% of the target of 1.2 million boepd.

Acceleration of project completion is done, prioritizing activities that maintain production level. "There are five projects that start production in 2018 which will provide an additional 7,800 bopd and 98 million cubic feet per day by year-end," he said.

In maintaining production and increasing reserves, activities such as surveys, drilling, maintenance and re-work of the wells are carried out. Realization of two-dimensional seismic survey (2D) along 237 kilometers (km) or 4% of the 4.666 km work plan and budget (WP & B) targets. Three-dimensional seismic (3D) realized an area of ​​1,541 square kilometers from the target of 5,382 km? or about 26% of the target. For exploration wells, 11 wells from 104 wells or 10% are planned. Development wells of 289 wells plan drilled 129 wells or 45% realized.

While re-work, from the target of 637 wells realized 324 wells or 51% and well maintenance of 56,184 plan implemented 31,151 activities or realized 55%.

The not optimal of the upstream oil and gas activities such as the above surveys and drilling caused the investment in 2018 to be realized at USD3.9 billion from the agreement in WP & B amounting to USD14.2 billion or just reached 27%. Meanwhile, the cost recovery of the operation (cost recovery) amounted to USD5, 2 billion or 51% of the target state budget 2018 of USD10, 1 billion (unaudited).

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thank you, hopefully useful
Upvote @haikalyone