JakartaPost-Jan 15, 2024
Indonesia is aiming to have 15 oil and gas projects come on stream this year, as the country eyes more investment in the sector. The Upstream Oil and Gas Regulatory Task Force (SKK Migas) said on Friday that the 15 projects were expected to cost US$560 million in capital expenditure. They are projected to generate a total of 41,922 barrels of oil per day (bopd) and 324 million standard cubic feet per day (mmscfd) of gas. Among the 15 projects are Medco E&P Natuna’s Forel-Bronang project in the South Natuna Block, Riau, and Exxon Mobil Cepu’s Banyu Urip Infill Clastic project in Bojonegoro, East Java, with the two having oil-production capacities of 10,000 bopd and 30,000 bopd, respectively. SKK Migas head Dwi Soetjipto said the government had put in place incentives to encourage oil and gas contractors to shift their exploration to fields with large potential reserves to increase the likelihood of more giant discoveries. A giant oil field contains at least 500 million barrels of oil. “If we don’t shift, we will keep seeing small discoveries around production working areas. We [SKK Migas] are pushing for a shift from small to medium or medium to large [fields],” he told a press conference in Jakarta on Friday. Dwi pointed to the Layaran and Geng North exploration projects operated by the United Arab Emirates’ Mubadala Energy and Italy’s ENI, respectively, as examples of the giant discoveries that the agency is hoping to see more of this year. Geng North, located in the North Ganal working area in East Kalimantan for instance, boasts an estimated 5 trillion cubic feet (Tcf) of gas. Read more at:
