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SKK Migas expects 12 upstream oil and gas projects to come onstream this year
The taskforce seeks to take advantage of high global oil prices to push upstream oil and gas companies to raise domestic output.
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An oil and gas rig in the Offshore North West Java (ONWJ) Block operated by state-owned company Pertamina in an undated picture. (SKK Migas/Handout)
T
he Upstream Oil and Gas Special Regulatory Task Force (SKK Migas) expects 12 upstream oil and gas projects to come onstream this year in continued efforts to boost Indonesian production.
SKK Migas said on Thursday that five upstream oil and gas projects were expected to come onstream in the second quarter of this year, including Petronas's Bukit Tua Phase 2B project in Gresik, East Java, Medco E&P's Hiu Phase 2 project in Natuna, Riau Islands, and Pertamina's Jumelai project in the offshore Mahakam Block.
The five projects are expected to provide an additional output of 14,000 barrels of oil per day (bopd) and 179 million standard cubic feet per day (mmscfd) of gas. Investments for the five projects amount to US$250.3 million.
"SKK Migas will use the momentum of high global oil prices to push upstream oil and gas companies to do more aggressive investments and push them to execute their programs earlier in this year," said SKK Migas operations deputy Julius Wiratno.
The government aims to push Indonesia's upstream production to 1 million bopd and 12,300 mmscfd of gas in 2030 to achieve energy independence. As of last year, ready-to-use production reached 660,000 bopd and 5,501 mmscfd, according to SKK Migas data.
International oil price benchmark Brent gained 31.8 percent to-date to $102.51 per barrel as of Wednesday.
State-owned oil and gas giant Pertamina, through upstream subsidiary PT Pertamina Hulu Energi (PHE), targeted oil and gas production to rise 15 percent this year to 1.05 million barrels of oil equivalent per day (mboepd).
