Indonesian Energy and Mineral Resources Minister Ignatius Jonan hopes to see oil production at the Banyu Urip Field, part of the Cepu Block in East Java, rise to 300,000 barrels per day (bpd), a development that would also trigger the multiplier effect for the region, he added. The Banyu Urip Field is the key oil field in Indonesia as it accounts for about 25 percent of Indonesia's total crude oil output.
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Today's Headlines Banyu Urip Field
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).
Indonesia's crude oil output was strong in the first quarter of 2016 on the back of higher-than-expected oil production of several oil companies in Indonesia. According to Indonesia's oil & gas regulator SKK Migas the nation's oil production totaled 833,000 barrels per day (bpd) in the January-March 2016 period, exceeding the oil lifting target that was set in the 2016 State Budget (830,000 bpd). It also means that the globe's low oil prices at the year-start, touching 12-year lows at around USD $27 per barrel, did not make local oil companies cut back on production rates.
Oil production at the Banyu Urip field, part of the Cepu Block in East Java, has finally reached the level of 150,000 barrels per day (bpd) in February 2016 after a long delay. According to Indonesia's oil & gas regulator SKK Migas, production at the field stood at an average of 130,000 bpd in the first month of 2016. The Banyu Urip field, operated by ExxonMobil Cepu Ltd, is expected to reach its top production rate - around 165,000 bpd - in March or April. This would mean that the Banyu Urip field accounts for nearly 20 percent of Indonesia's total oil production.
Although oil prices somewhat recovered from 12-year lows on Friday (08/01) on China's rebounding stock market there is concern that Indonesia will not achieve its 2016 oil lifting target as the country's oil producers become less eager to boost production rates amid unattractive oil prices. Yesterday, Brent oil fell to USD $32.16 per barrel - the lowest level since 2004 - after China devalued its yuan and Chinese stocks plunged over 7 percent causing the circuit-breaking mechanism to kick in and even causing a global stock selloff.
Indonesia’s Commission VII of the House of Representatives (DPR) - the commission that oversees the country’s energy affairs - and the Indonesian Ministry of Energy and Natural Resources agreed on Wednesday (28/01) to set a 825,000 barrels per day (bpd) oil production target for 2015 in the Revised 2015 State Budget (APBN-P 2015), up from an estimated 794,000 bpd of realized production in 2014. Since its peak production of 1.6 million bpd in 1995, oil output of Indonesia (a former OPEC member) has declined drastically.
Oil production in Indonesia is targeted to be lifted to 1 million barrels per day (bpd) by October or November 2014 according to SKK Migas, the government unit that manages upstream activities in Indonesia's oil and gas sector. Crude oil production in the first quarter of 2013 was 830,900 bpd, eight percent lower than the target in the country's state budget. Indonesia's oil output has fallen steadily in the last decade due to a lack of exploration and other investments in the sector that was once the engine of Indonesia's economic growth.
Latest Columns Banyu Urip Field
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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