Oil and gas lifting up slightly in first half The country’s oil and gas lifting, the colloquial term for ready-to-sell production, in the first half of this year reached 96 percent of the first six month target of 2 million barrels of oil equivalent per day (boepd).
The figure has increased by around 7,000 boepd to 1.923 million boepd from the 1.916 million boepd reached from January to May.
Data from the Upstream Regulatory Agency (SKKMigas) shows that oil lifting reached 771,000 barrel oil per day (bopd) or 96 percent of the 800,000 bopd target, while gas lifting reached 1.15 million boepd, also 96 percent of the 1.2 million boepd total target.
SKKMigas head Amien Sunaryadi, however, said the outlook for the rest of the year was not good, with oil and gas lifting estimated to reach only 95 percent of the target.
“For oil lifting, it [failure to reach the target] is due to the decreased production of each oil well,” Amien told a press briefing on Friday.
Meanwhile for gas lifting, Amien said it was caused by commercial factors such as a lack of demand and agreements even though the gas had already been distributed.
In June, the Indonesian Crude Price (ICP) stood at an average of US$70.36 per barrel, much higher than the 2018 state budget’s assumption of $48 per barrel.
The price was $2.1 lower than the previous month, when it was recorded at $72.46 per barrel oil. The Energy and Mineral Resources Ministry said it was in line with the downward trend of global crude prices.
As of Friday, the price of global benchmark Brent crude reached $77.27 per barrel. Oil and gas lifting up slightly in first half (bbn, Stefanno Reinard Sulaiman, The Jakarta Post)