The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) stated that EOG Resources, one of the unconventional oil and gas companies from the United States, officially applied for membership in Indonesia's oil and gas data. By becoming a member, the company with its head office in Houston can see data on the national oil and gas potential.
"The success in attracting new investors to Indonesia shows that Indonesia's oil and gas potential is still considered very attractive," said SKK Migas Planning Deputy Jaffee Arizon Suardin.
He explained that SKK Migas' efforts to attract world-class potential investors to Indonesia began in 2019. At that time, his party held a roadshow to several countries to promote data on Indonesia's oil and gas potential, one of which was the United States.
"The results of the SKK Migas roadshow have been responded positively by EOG Resources, a company listed in the 186th rank of the Fortune 500 this year with a total oil production of 456 thousand barrels per day (bpd), NGL 134 thousand bpd, and gas 1,366 MMscfd," he explained. Jaffee.
Referring to the EOG page, last year, this oil and gas company recorded oil production of 166.6 million barrels, natural gas liquids (NGL), or liquefied petroleum gas (LPG) and the like 48.9 million barrels, and natural gas 499 billion cubic feet.
According to Jaffee, in July 2019, representatives of the EOG Resources team visited SKK Migas for two weeks to discuss in more detail the steps to be taken to decide on investment in Indonesia.
Until December, his party together with the Directorate General of Oil and Gas and the Center for Data and Information (Pusdatin) of the Ministry of Energy and Mineral Resources (ESDM) had conducted a brief regional review of non-conventional oil and gas.
"We found good initial indications regarding the potential for non-conventional oil and gas in Indonesia," he said.
Jaffee added EOG Resources' participation in Indonesia's oil and gas data membership is the next step in deciding investment in Indonesia.
"Of course, we hope that this good start will develop into future investment decisions. "With so many investors entering the upstream oil and gas sector, the opportunity for giant discoveries and development in order to increase production will be even greater," he said.
Indonesia has a total of 128 basins, of which only 19 basins have been produced and 109 other basins have not been explored. SKK Migas previously mapped ten potential giant discovery areas.
These ten areas are South Sumatra, North Sumatra, Central Sumatra, Tarakan Offshore, North East Java-Makassar Strait, Kutai Offshore, Buton Offshore, Northern Papua, Birds Body Papua, and Warim Papua.
Oil and gas exploration activities in Indonesia in recent years have been very quiet. Referring to data from the Ministry of Energy and Mineral Resources, investment realization for oil and gas exploration has not increased significantly. In 2013, investment realization for oil and gas exploration was recorded at the US $ 3.05 billion.
After that, the realization of this investment continued to fall to the US $ 2.6 billion in 2014, the US $ 970 million in 2015, US $ 916 million in 2016, and reached a low of US $ 567.55 in 2017. In 2018, investment realization for exploration oil and gas began to increase to the US $ 786.18 million.
Investor Daily, Page-8, Wednesday, Sept 9, 2020
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