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Jakarta Post

Energy ministry increases oil lifting target, lowers crude price estimate for 2020

  • Norman Harsono

    The Jakarta Post

Jakarta   /   Thu, August 29, 2019   /   04:34 pm
Energy ministry increases oil lifting target, lowers crude price estimate for 2020 Officials inspect the construction of an offshore oil platform owned by Pertamina Hulu Energi (PHE), the upstream subsidiary of state oil and gas holding company Pertamina, off Madura, East Java, in this undated photo. (ANTARA/Zabur Karuru). (Antara/Zabur Karuru)

The Energy and Mineral Resources Ministry has revised Indonesia’s oil lifting target for next year to 755,000 barrels of oil per day (bpd), up 2.86 percent from an initial target of 734,000 bpd.

Minister Ignasius Jonan announced the revised target on Wednesday after a meeting with the House of Representatives Commission VII for energy affairs in Jakarta.

The ministry also revised the Indonesian crude oil price (ICP) reference for next year to between US$58 and $63, down from an initial estimate of around $65.

The gas lifting target remained unchanged at 1.19 million barrels of oil equivalent per day (boepd).

The initial oil lifting target and expected oil price was announced by President Joko “Jokowi” Widodo on Aug. 16 as part of his financial notes speech.

Indonesia’s oil and gas production totaled 1.8 million boepd in the first half of 2019, only 89 percent of the targeted 2.02 million boepd, according to data from the Upstream Oil and Gas Regulatory Task Force (SKK Migas).

According to SKK Migas, oil production totaled 752,000 barrels of oil per day (bopd) as of June, or 97 percent of the 775,000 bopd target, while gas production totaled 1.05 million boepd, 84 percent of the 1.25 million boepd target.