Upstream oil and gas investment this year is lower than last year's US $ 12.05 billion. The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) projects that upstream oil and gas investment by the end of this year will only reach the US $ 11.4 billion. Meanwhile, the realization of upstream oil and gas investment from January to November 2016 reached the US $ 10.43 billion.
Blogger Agus Purnomo in SKK Migas
SKK Migas Deputy for Financial Control, Parulian Sihotang, said that this year's upstream oil and gas investment target will not be achieved because it is still affected by low oil prices. Cooperation contract contractors (KKKS) have reduced their activities this year.
The investment realization was dominated by production activities which reached US $ 10.3 billion, while exploration activities were the only US $ 309 million. SKK Migas noted that there are ten new oil and gas production facilities that could be completed this year.
Block Cepu
The blocks include Train-B Block Cepu (ExxonMobil Cepu Limited EMCL), onshore receiving facility (ORF) Bukit Tua Field (Petronas Carigali Ketapang 2 Limited), Donggi and Pondok Makmur (PT Pertamina EP), Dayung Compression-2 (ConocoPhilips Grissik Ltd.), and IDD Bangka (Chevron Indonesia) In addition, the North Duri Development Area 13 (PT Chevron Pacific Indonesia), Karendan (Ophir Energy), KRA South (Star Energy Kakap Ltd.), and Ario Damar-Sriwijaya Phase-1 (Tropical Pandan Energy).
Oil and gas investment this year is low because several activities carried out by contractors are also still below target. The realization of exploration well drilling was only 43 units of the target of 67 units and development wells were only 223 wells of the target of 245 wells.
"At least US $ 11.4 billion will reduce activities due to prices," he said.
Head of SKK Migas Amien Sunaryadi said that next year's investment cannot be estimated because he is waiting for the 2017 work plan and budget / WP & B preparation process.
SKK Migas is optimistic that this year's oil and gas production target is ready to sell or lifting at 821,800 barrels per day (BPD) of oil and gas 6,643 MMscfd.
"There is a decrease of 13.3% if you do nothing. 2016 is great for maintaining its declining, ”he said.
This year, SKK Migas has approved 27 plans of development / PoD and plans of future development / POFD. The entire POD and POFD are estimated to be able to increase oil and gas reserves by 204 million barrels of oil equivalent.
From the POD there is also an oil and gas investment plan of up to the US $ 2.85 billion. Amien added that the gross revenue from oil and gas as of December 31 was the US $ 23.98 billion. This figure includes a cost recovery of US $ 11.47 billion, thus a net income of US $ 12.5 billion.
The revenue sharing for contractors is US $ 3.22 billion and the government is the US $ 9.29 billion. The 2017 lifting production target, which is 815,000 bpd of oil and 6,440 MMscfd of gas, will be borne by ten large contractors.
Chevron Pacific Indonesia
Contractors supporting oil lifting are Chevron Pacific Indonesia (Block Rokan) 228,908 bpd, ExxonMobil Cepu Limited EMCL (Cepu Block) 200,000 bpd, PT Pertamina EP (spread in Indonesia) 84,214 bpd, Total E&P Indonesie (Mahakam Block) 52,852 bpd.
Lifting was supported by PT Pertamina Hulu Energi Offshore North West Java Limited (Block ONWJ) 36,500 bpd, CNOOC SES Limited (Blok South East Sumatra) 31,398 bpd, Chevron Indonesia Company (Blok East Kalimantan) 17,700 bpd, ConocoPhilips (Blok B South Natuna) 17,400 BPD, Petronas Carigali Ketapang Limited (Ketapang Block) 15,631 BPD and PetroChina International Jabung Limited (Blok Jabung) 14,400 BPD.
Bisnis Indonesia,Page-30,Tuesday,Dec,6,2016
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