ASEAN KEY DESTINATIONS
Oil & gas lifting, production less than 1.5% below 2017 target
The nation's oil and gas production and lifting – or ready-to-sell production – achieved only slightly less than their projected targets in the 2017 state budget.
"The realization of oil lifting was 803,800 barrels per day [bopd], or 98.6 percent of the state budget target, while gas lifting reached 1.4 million boepd [barrels of oil equivalent per day], or 99.2 percent of the target," the head of the Upstream Oil and Gas Regulatory Special Task Force (SKK Migas), Amien Sunaryadi, said on Friday at a press conference.
He said actual oil production in 2017 reached 801,400 bopd, with the remaining 2,400 bopd coming from storage.
He said last year's upstream oil and gas revenues was US$ 13.1 billion, or 108 percent higher than the state budget target, thanks to better Indonesia Crude Prices (ICP) throughout the year.
The 2017 state budget projected an ICP of $48 per barrel, but the real price was more than $50 per barrel, Amien added.
The 2017 price of the global benchmark Brent crude reached its peak of $67.02 per barrel on Dec. 26, after falling to $44.82 per barrel on June 21. The Brent crude price was $68.02 per barrel on Friday.
Meanwhile, SKK Migas recorded $9.33 billion in upstream investment realization, about 80 percent of the $12.29 billion target as set in the 2017 work plan and budget.
"Exploitation still dominated the investment realization, at $9.15 billion, while exploration only contributed $180 million," he said.
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