Home Industry Positive Achievement of Oil and Gas Sector Throughout 2017

Positive Achievement of Oil and Gas Sector Throughout 2017

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The Ministry of Energy and Mineral Resources claims the oil and gas sector both upstream and downstream achieved positive achievements over the past year.

Director General of Oil and Gas at the Ministry of Energy and Mineral Resources Ego Syahrial said that from the upstream sector, the government introduced the scheme of Production Sharing Contract (PSC) of Gross Split that investors are interested in. At the auction of oil and gas blocks last year, with Gross Split scheme, from 10 conventional oil and gas blocks offered as many as 5 oil and gas blocks of which investors are interested.

“This is much better compared to the 2015 and 2016 oil and gas block auction with the Cost Recovery scheme, which has no interest,” he said on Tuesday (9/1/2018).

Ego said that the achievement gives positive signal to the government’s activity, especially the auction activity of Migas Exploration Work Area (WK) with Gross Split scheme.

At the end of 2017, the Government decided to transfer the management of Working Area (WK) Mahakam to PT Pertamina (Persero). After more than 50 years managed by Total E & P, as of January 1, 2018, the largest gas WK in Indonesia is managed by Pertamina.

From oil and gas strategic projects, the government has inaugurated the Jangkrik Field gas production facility on October 31, 2017. Jangkrik field increased oil and gas production by 100,000 barrels of Oil Equivalent Per Day (BOEPD).

“This cricket is one of its milestones is higher production than what is planned. It is planned to be around 450 MMSCFD, currently producing up to 650 MMSCFD, equivalent to 100,000 more BOPD (Barrel Oil Per Day), “added Ego.

As for oil and gas lifting, the achievement in 2017 was 1.94 million BOEPD or 98.9% of the 2017 target of the Revised State Budget (APBNP) of 1.96 million BOEPD. For this year, the oil lifting target is 2 million BOEPD, consisting of 800,000 BOEPD for petroleum lifting and 1.2 million BOEPD for natural gas.

The government is also continuing the one-price fuel program launched by President Joko Widodo in 2016. By the end of 2017, as many as 57 points of BBM One Price from Sumatra Island to Papua has been inaugurated.

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