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Berita Hari Ini Oil & Gas

  • Oil & Gas News Indonesia: Oil Lifting Target Achieved in 2016?

    Indonesia is on track to achieve its (revised) oil lifting target in 2016 (referring to crude oil that is ready for sale). Two weeks before the end of 2016, Indonesia produced an average of 821,000 barrels of oil per day (bpd) this year so far, slightly above the target of 820,000 bpd that was set in the Revised 2016 State Budget. Initially, the Indonesian government targeted national oil production at 830,000 bpd. However, earlier this year the target was revised down to 820,000 bpd.

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  • Indonesia to Replace Oil Recovery Scheme by Gross Profit Sharing

    Indonesia's Energy and Mineral Resources Ministry targets to replace the cost recovery scheme in the oil and gas industry in January 2017. Instead, the government would use contracts with a gross profit sharing mechanism. The new scheme would simplify procedures (making the investment climate more attractive) while Indonesia "continues to prioritize the interests of the nation and optimize the use of local resources and labor", Deputy Energy Minister Arcandra Tahar said. The proposed changes will not affect existing contracts between contractors and the Indonesian government.

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  • Indonesia Suspends OPEC Membership after Oil Production Cut

    While the Organization of the Petroleum Exporting Countries (OPEC)'s agreed to cut production (a deal that was joined by non-OPEC members, most notably Russia) at the organization's 171st meeting (held in Vienna on Wednesday 30 November), Indonesia decided to temporarily freeze its OPEC membership as it is reluctant to agree to a five percent cut in national crude oil production. Indonesian Energy and Mineral Resources Minister Ignasius Jonan announced this decision.

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  • Oil & Gas Sector Indonesia: Permitting Process Too Difficult

    For a company it is very difficult to start activities in Indonesia's upstream oil and gas sector. As a result, not unoften, activities related to exploration and production are delayed. This is the major reason why Indonesia's oil production has been declining for the past two decades, while Indonesia's gas production today does not differ much from production one decade ago. Why is it difficult for an oil and gas company to get started in Indonesia?

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  • Oil & Gas Sector Indonesia: Making Exploration more Attractive

    The goverment of Indonesia plans to revise Government Regulation No. 79/2010 scrapping several taxes that have been a burden for those companies that invest in Indonesia's oil and gas industry (both the exploration and production phase). The government expects that several new fiscal and non-fiscal incentives will boost investment in this industry starting from 2017. Indonesian Finance Minister Sri Mulyani Indrawati said it is important for the government to share in the "pain" in order to make oil and gas projects economically viable for investors.

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  • Profit of Indonesia's State-Owned Energy Firm Pertamina Soars 221%

    Indonesia's fully state-owned energy company Pertamina saw its net profit grow by a whopping 221 percent (y/y) to USD $1.83 billion in the first half of 2016. This remarkable performance is attributed to the company's enhanced operational performance and efficiency in the upstream and downstream segments. Dwi Soetjipto, General Director of Pertamina, that despite the oil and gas industry being plagued by major challenges, Pertamina managed to take its responsibility in terms of the energy supply, being the nation's foremost local energy supplier.

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  • Crude Oil Production & Exploration 2016 Update Indonesia

    Indonesia's crude oil production (oil lifting) in full-year 2016 is expected to reach 819,000 barrels of oil per day (bpd), slightly below the target that is set in the Revised 2016 State Budget (820,000 bpd). Amien Sunaryadi, Head of the Special Task Force for Upstream Oil and Gas Business Activities (SKKMigas), said oil production realization in Indonesia so far this year stands at 834,000 bpd. However, due to seasonal factors output is set to fall in September. Moreover, amid low oil prices Indonesia somewhat discourages oil exploration and production.

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  • Number of Foreign Workers in Indonesia on the Decline

    The number of expat workers in Indonesia is declining due to persistently low commodity prices and the government's stricter regulations regarding the hiring of expats. In the first five months of 2016 a total of 72,399 temporary residential permits (including renewals) were issued to expats. It is highly unlikely that the number of expat workers in Indonesia this year will equal the total of 171,944 foreign workers that were active in Indonesia in 2015. Actually the number of expats working in Indonesia has already been on the decline since 2011 (when the commodity slowdown reemerged).

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  • What Are the Production Costs for One Barrel of Oil at Indonesia's Pertamina?

    Crude oil prices are rebounding, climbing nearly 90 percent from 13-year lows at the start of 2016. However, compared to two years ago crude prices are still down 50 percent hence corporate earnings in the oil and gas industry remain subdued, while few investors are enticed to engage in exploration. To deal with low oil prices, oil and gas companies need to become more efficient thus pushing down production costs in order to optimize earnings. Lets take a look at Pertamina, Indonesia's state-owned energy company. How much does it cost for Pertamina to produce one barrel of oil?

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  • Oil & Gas Sector Indonesia: Oil Lifting Target Q1-2016 Achieved

    Indonesia's upstream oil & gas regulator SKK Migas said the nation's crude oil production in the first quarter of 2016 reached the average of 835,234 barrels per day (bpd), slightly above the target of 830,000 bpd that was set in the 2016 State Budget. This is positive news as it is rare for Indonesia to achieve its crude oil output target. In Q1-2016 the target was met due to the combination of a realistic oil production target and long-awaited crude production growth at Exxon Mobil Corp's Banyu Urip field (part of the Cepu Block in East Java).

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Artikel Terbaru Oil & Gas

  • Global Crude Oil Prices Decline to Historic Lows, How Does It Affect Indonesia?

    Besides the novel coronavirus (COVID-19) outbreak, another big news story in March 2020 was the massive decline of global crude oil prices. Not only is the price of oil under pressure because of the enormous slowdown in economic activity as various governments have imposed restrictions (such as travel bans) in an attempt to curb the further spread of the coronavirus, but there also emerged big tensions between some of the world’s biggest oil producers that led to tumbling oil prices.

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  • Join the 5th ASEAN Refining and Petrochemical Forum in Jakarta

    The 5th ASEAN Refining and Petrochemical Forum is set to gather global and regional leadership speakers and brightest minds from the refining and petrochemical industry to discuss and address those issues and challenges facing the whole industry. It is a perfect platform and stage for regional and Indonesian policy makers and regulators, refiners and petrochemical producers, project financing and investors and technology licensors and suppliers to network for business relation.

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  • Environmental Disasters in Indonesia: Oil Spill in Balikpapan Bay

    The severe oil spill in the Balikpapan Bay (East Kalimantan) could lead to sanctions for Indonesia's state-owned oil and gas company Pertamina. Arcandra Tahar, Deputy Minister of Indonesia's Energy and Mineral Resources Ministry, said his ministry is joining forces with the Ministry of Environment and Forestry to investigate the oil spill case. Five fishermen were killed by toxic smoke, while it is feared that severe damage has been done to marine live and the ecosystem in the area.

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  • Indonesian Oil & Gas Companies in Focus: Elnusa

    Despite sliding net profit in full-year 2017, Indonesian upstream oil and gas company Elnusa saw its shares surge 42.47 percent to IDR 530 per share so far in 2018. The company's net profit fell 25.80 percent year-on-year (y/y) to IDR 246.14 billion (approx. USD $18.1 million) in 2017, while its revenue actually rose 37.56 percent (y/y) to IDR 4.98 trillion (approx. USD $366.2 million).

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  • What Are Indonesia's Top Foreign Exchange Earners?

    Foreign exchange earnings are important assets for a national economy. Therefore, many nations have recently been taking a much more protectionist approach vis-à-vis trade in an effort to strengthen their trade positions, generate trade surpluses, hence see the inflow of more foreign exchange earnings. Foreign exchange assets support a stable local currency as well as economy.

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  • Oil & Gas News Indonesia: Banyu Urip Field Hit New Peak

    Crude oil production at the Banyu Urip field (part of the Cepu Block) in East Java has reached 201,000 barrels of oil per day (bpd). This peak is reached about three years after operations started at the Banyu Urip field. Considering Indonesia set a 825,000 (bpd) oil production target in the state budget, it implies the Banyu Urip field now accounts for almost a quarter of total (targeted) crude oil production across Indonesia.

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