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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05 June 2020 (closed)
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Today's Headlines Chevron Pacific Indonesia
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.
Earlier this month the Indonesian Ministry of Energy and Mineral Resources said that Indonesia will require an additional 3,100 million standard cubic feet per day (mmscfd) of gas supplies in the next five years to meet domestic gas demand for the country’s power stations and fertilizer plants. About 1,100 mmscfd of gas is needed for Indonesia’s plan to establish 13,400 MW of gas-fired power stations by 2020. A further 2,000 mmscfd is needed to fuel fertilizer plants in Southeast Asia’s largest economy.
Latest Columns Chevron Pacific Indonesia
Chevron Indonesia Company (CICO) announced on Tuesday (19/01) that it will return all its oil and gas assets in the East Kalimantan block back to the Indonesian government on 24 October 2018. Without elaborating on why the company exits the East Kalimantan oil & gas block after having exploited this block for about 50 years, Chuck Taylor, Managing Director Chevron IndoAsia Business Unit, confirmed CICO will not seek extension of its production sharing contract after 2018.
Indonesia’s crude oil production is expected to increase starting from mid-March 2015 as new oil fields will start to come online this month, including the Bukit Tua oil field (part of the Ketapang block in East Java and which is operated by Petronas Carigali). Over the past two decades Indonesia oil output has declined drastically amid maturing oil fields and the lack of exploration as well as other investments in Indonesia’s oil & gas sector. In 2014, Indonesia produced an average of 794,000 barrels of oil per day (bpd).
This year, Indonesia will have to face declining production numbers in its oil and gas sector. Gas output is assumed to decline by 14.77 percent compared to last year, while oil output will reach similar levels as in 2012, provided that there are no disruptions due to bad weather and leakages (a prerequisite that will be hard to meet).
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