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Oil-gas sector performs moderately in first half
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Pertamina Hulu Energi West Madura Offshore (PHE WMO) workers are moved in a personnel basket from a ship to the company’s oil rig off the coast of Madura Island in East Java. (JP/Wahyoe Boediwardhana)
I
ndonesia’s oil and gas production and lifting, a term used for ready-to-sell production, in the first half of 2017 struggled to meet the original target set for this year.
According to the Upstream Oil and Gas Regulatory Special Task Force (SKKMigas), oil production reached 808,800 barrels of oil per day (bopd) in the first six months, slightly above the target of 808,400 bopd.
Meanwhile, gas production stood at 7,512 million metric standard cubic feet per day (mmscfd), below the target of 7,859 mmscfd.
At the same time, oil lifting reached an average of 802,000 bopd and gas lifting was at 6,338 mmscfd. Those figures were still below the target set in this year’s state budget of 815,000 bopd and 6,440 mmscfd.
“The oil lifting figure is different from production because some oil that has been put into the storage has yet to be recorded as lifted,” SKKMigas head Amien Sunaryadi said Thursday in Jakarta.
The Indonesian Crude Price (ICP), used as a benchmark to calculate non-tax income in the state budget, averaged US$48.90 per barrel, higher than the 2017 state budget assumption of $45 per barrel.
Nonetheless, the ICP gradually fell to $43.66 per barrel in June from $49.46 per barrel in April as a result of falling global crude prices.
The price of global benchmark Brent crude fell by 15.6 percent to $47.92 per barrel in the first half, while benchmark West Texas Intermediate (WTI) crude dropped by 12 percent to $46.04 per barrel. (bbn)
