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SKK Migas raises investment target by 7% for 2022
The Upstream Oil and Gas Special Regulatory Task Force has set a higher target for oil and gas investment this year.
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This undated photograph shows the Oyong oil and gas rig in the Sampang Block, located in the Madura Strait off the coast of East Java. (SKK Migas/SKK Migas)
T
he Upstream Oil and Gas Special Regulatory Task Force (SKK Migas) has set a higher upstream oil and gas investment target this year.
The investment target for 2022 was US$13.2 billion, up from the $12.38 billion target set for 2021, SKK Migas head Dwi Soetjipto said in a virtual press conference on Monday.
The $13.2 billion target includes production, exploration and development activities at $8.4 billion, $1 billion and $2.9 billion, respectively.
“It takes effort, and there must be an increase in production, exploration and development activities,” Dwi said, adding that SKK Migas would continue to carry out fiscal improvements and provide incentives to boost upstream oil and gas investment.
“Raising the investment target for 2022 is critical to achieving the targeted oil output of 1 million barrels of oil per day [bopd] and gas output of 12,000 million standard cubic feet per day [mmscfd] by 2030,” he said.
Read also: Upstream energy M&A expected to skyrocket in 2022
The task force previously estimated that Indonesia needed $250 billion over a 10-year period to achieve its goals.
