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Domestic oil, gas lifting falls 2.7% off target in Q1
Lifting, or ready-to-use production, reached 1,665.25 mboepd as of March 31, which is 97.3 percent of the target set in the state budget, according to SKK Migas data.
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The Oyong oil and gas rig in the Sampang block, located in the Madura Strait, off the coast of East Java. Medco took over the block from Ophir Energy in 2019 after Medco acquired Ophir. (SKK Migas/SKK Migas)
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il and gas lifting fell 2.7 percent short of target in this year’s first quarter as the industry faced a low start and project delays but also saw four new projects begin operations.
Lifting, or ready-to-use production, reached 1,665.25 thousand barrels of oil equivalent per day (mboepd) as of March 31, which is 97.3 percent of the target set in the state budget, according to Upstream Oil and Gas Special Regulatory Taskforce (SKK Migas) data.
The output comprises 676.2 mbpd in oil and 989.05 mboepd in gas that equals 95.9 percent and 98.3 percent of their respective targets.
“In terms of oil, we had a low entry point in 2021 because of lower investment in 2020 such that production in 2020 was below expectations,” said SKK Migas head Dwi Soetjipto in a virtual press conference on Monday.
SKK Migas data shows that Indonesia ended December 2020 with an oil lifting rate of 699 mbpd, lower than the 2020 target of 705 mbpd, following the oil price crash last year that drove companies to cut upstream investment. The oil lifting target this year is also 705 mbpd.
International crude oil price benchmark Brent hit a record low US$20.46 per barrel in April 2020, as worldwide mobility restrictions pummeled oil and gas demand, but prices rose to $66.42 per barrel on Tuesday, Nasdaq data shows.
In this year’s first quarter, Indonesia raised $2.40 billion in upstream investment, which is 19.4 percent of the full-year target of $12.38 billion.
