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Oil-gas sector contributes higher revenues in 2017, lifting and investment lower

JAKARTA ( – The performance of oil and gas sector shows mixed performance in 20017. The industry contributed state revenues of US$13.1 billion, higher than the target set in the revised State Budget 2017 of US$12.2 billion, while oil and gas productions were slightly lower than target. Investments were also lower than target.

The oi and gas lifting reached 1.944 million barrels of oil equivalent per day (boepd) or 98.9% compared to the target of 1.965 million boepd, the Special Task Force for Upstream Oil and Gas Business (SKK Migas) announced.

This consists of oil lifting of 803,800 bopd, or 98.65 from target of 815,000 bpd, while gas lifting reached 6,386 million standard cubic feet per day (99.2%) from target of 6,440 MMscfd.

“We have tried at best as possible to minimize the natural production declining by speeding up the existing projects and encourage activities that help guard production level,” the Head of SKK Migas Amien Sunaryadi told reorters.

In 2017, 14 projects have commence production, adding 3,800 bopd and 587 MMscfd.

Meanwhile, realized investment in 2017 reached US$9.33 billion, lower than the oil and gas companies Work Plan & Budget of US$12.29 billion. Of this amount, US$180 million invested in exploration activities and US$9.15 billion spent in exploitation or production activities. (*)

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