The Jakarta Post
The approval of the 26 plans of development in the first half has resulted in additional oil and gas production of around 580 million barrels of oil equivalent per day (boepd), Upstream Oil and Gas Regulatory Special Task Force chairman Amien Sunaryadi has said.
Amien said the additional production was partly because of the achievement in the reserve replacement ratio, which was recorded at 148 percent from the performance target of 100 percent.
“Exploration is a crucial part of ensuring energy reserves and the nation’s economic stability,” he said in a statement received on Monday.
The achievement was also recorded in the increase in state revenue from the upstream sector. As of the first half, revenue was recorded at US$8.5 billion, or 71 percent of this year's target of $11.9 billion as stated in the state budget
“By the end of the year, revenue collection from the upstream sector is projected to reach 120 percent of the target,” Amien said.
In trying to maintain stable productivity, the task force will carry out various activities including surveys, drilling and maintenance throughout the second half.
“There are five projects starting production in 2018 that will contribute around 7,800 barrels of oil per day and 98 million standard cubic feet per day of gas,” Amien added. (bbn)