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Towards achieving 1 million BOPD, 12 BSCFD production targets
Indonesia is one of the fastest growing economies in the world, which also drives up the demand for energy.
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ndonesia is one of the fastest growing economies in the world, which also drives up the demand for energy. The country has been a net oil importer since 2003, owing to the high domestic demand for energy and declining national oil production.
Indonesia’s crude import volume is forecast to expand in line with rising oil consumption to achieve the targeted energy mix of 2.2 million barrels of oil per day (mbopd) in 2030 and 3.9 million bopd in 2050, while national oil production currently stands at 705,000 barrels per day.
If no effort is made to increase oil and gas production, Indonesia will become fully dependent on imported crude oil, a condition that poses a grave threat to energy security.
“Indonesia has 128 oil and gas basins, of which only 20 basins are productive. It means that Indonesia still has very huge potential,” said SKK Migas Chairman Dwi Soetjipto.
The upstream oil and gas industry has a joint vision to achieve targeted production of 1 million bopd and 12 billion standard cubic feet per day (BSCFD) of gas in 2030, or a combined total of 3.2 million barrels of oil equivalent per day (boepd). If it meets this target, the upstream oil and gas sector will achieve the largest production volume of oil and gas on record in Indonesia.
The four key strategies to achieving the 2030 targets are: maintain existing production, accelerate from resources to production, accelerate the chemical enhanced oil recovery (EOR) project and spur exploration to discover new, large reserves of oil and gas (road to giant discovery).
The Indonesia Oil & Gas Strategic Plan 4.0 (IOG 4.0) has been drafted to realize this vision. The IOG 4.0 framework contains 10 strategic pillars and enablers, 22 key programs, 80 targets to monitor development and more than 200 action plans.
The 2030 oil and gas production targets of 1 million bopd and 12 BSCFD aims not only to ensure Indonesia’s energy security, but also to attract investors as well as to improve the investment climate of the upstream sector.
The Upstream Oil and Gas Regulatory Special Task Force (SKK Migas) will reveal its long-term vision at the upcoming 2020 International Convention on Indonesia Upstream Oil and Gas (IOG 2020) on Dec. 2 to 4 to engender mutual understanding among all stakeholders.
