JAKARTA: The Ministry of Energy and Mineral Resources (ESDM) targeting investments in oil and gas sector in 2012 reached approximately U.S. $ 18.3 billion, up U.S. $ 3.4 billion compared with this year's target of around U.S. $ 14.9 billion.
Ministry of Energy and Mineral Resources Oil and Gas Director General Evita Legowo said oil and gas investment target for next year is slightly higher than this year, given the extra couple of projects in sectors related to construction of a number of downstream floating storage units regasification (FSRU).
Apart from West Java FSRU project, he explained, starting next year refinery revamping projects to enhance economic value of the product. "Hopefully downstream investment target for next year is also achieved because usually the investment target is not achieved downstream. We could target U.S. $ 18.3 billion, "he said, Monday (19/12/2011).
He said the investment in oil and gas sector was composed of upstream investment of U.S. $ 15.8 billion or 86.3% of the total target investment and U.S. $ 2.4 billion or 13.11% is the downstream oil and gas investment.
Meanwhile, he continued, this year's investment target of U.S. $ 14.9 billion, consisting of upstream investment of U.S. $ 13 billion and downstream approximately U.S. $ 1.9 billion. He explained to III/2011 quarter, the realization of oil and gas investment has reached U.S. $ 12.7 billion, consisting of upstream investment of U.S. $ 11.2 billion and downstream of U.S. $ 1.4 billion.
Minister Jero Wacik optimistic investment activity in the oil and gas sector is getting better in the future, as more and more entrepreneurs nationwide who are brave and have started to get a part in the management of oil and gas working areas.
Moreover, he added, after Indonesia achieved investment grade by Fitch Ratings, of course, the more upstream investment that will go to Indonesia.
He said the new contracts is essential to enable the oil and gas exploration activities which are important efforts to prepare for the availability of oil and gas energy resources for future generations.
"In the next months and years ahead, will be a lot of foreign companies to enter Indonesia. Indonesia company I'm also getting ready. If you can not own investment, joint was with them [foreigners]. I am very pleased that Indonesian companies are brave and have started to get parts, "he said.
Head of Public Relations Division, Security, and Formality BP Migas Gde Pradnyana express realization upstream oil and gas investment to date has reached U.S. $ 14.3 billion, consisting of U.S. $ 12 billion is an investment in the sector of oil and gas production, while U.S. $ 1.5 billion - U.S. $ 2 billion is an investment in the sector of oil and gas exploration.
Of the total investment of upstream oil and gas, he explained, the government refunded (cost recovery) is an investment that has been producing. Meanwhile, investment in new oil and gas exploration could be restored by the government after it discovered oil and gas fields and has been producing oil and gas reserves.
"The realization of upstream oil and gas investment this year is also above the target because there are several oil and gas activities can we speed up, such as facility investment Cepu block, infill drilling activities, and other projects, so the investment commitment also advanced," he said.
On the other hand, the Minister Jero Wacik witnessed the signing of 13 contracts and agree new cooperation in the field of upstream oil and gas, with total investment commitments of U.S. $ 119.45 million and a signature bonus of U.S. $ 29.35 million.
The value of these investments is the winner's commitment to working area of exploration activity during the first 3 years, while the signature bonus will be directly entered as state revenues.
The contract was the result of the Auction Regular Work Area (WK) Gas Phase I in 2011, Auction Direct Offer Phase II in 2011, and Live Auction Offers Working Area Coal Methane Gas in 2011.
Commitment must exploration WK GMB from third WK for the first 3 years exploration period of study G & G of $ 1.8 million, 6 coreholes of U.S. $ 6 million, 6 drilling exploration wells amounting to U.S. $ 7.5 million, and 3 Production test wells for U.S. $ 1.5 million.
Thus, the total investment amounted to U.S. $ 16.8 million. Meanwhile, the signature bonuses to be received directly by the government of U.S. $ 3.5 million.(*)
Ministry of Energy and Mineral Resources Oil and Gas Director General Evita Legowo said oil and gas investment target for next year is slightly higher than this year, given the extra couple of projects in sectors related to construction of a number of downstream floating storage units regasification (FSRU).
Apart from West Java FSRU project, he explained, starting next year refinery revamping projects to enhance economic value of the product. "Hopefully downstream investment target for next year is also achieved because usually the investment target is not achieved downstream. We could target U.S. $ 18.3 billion, "he said, Monday (19/12/2011).
He said the investment in oil and gas sector was composed of upstream investment of U.S. $ 15.8 billion or 86.3% of the total target investment and U.S. $ 2.4 billion or 13.11% is the downstream oil and gas investment.
Meanwhile, he continued, this year's investment target of U.S. $ 14.9 billion, consisting of upstream investment of U.S. $ 13 billion and downstream approximately U.S. $ 1.9 billion. He explained to III/2011 quarter, the realization of oil and gas investment has reached U.S. $ 12.7 billion, consisting of upstream investment of U.S. $ 11.2 billion and downstream of U.S. $ 1.4 billion.
Minister Jero Wacik optimistic investment activity in the oil and gas sector is getting better in the future, as more and more entrepreneurs nationwide who are brave and have started to get a part in the management of oil and gas working areas.
Moreover, he added, after Indonesia achieved investment grade by Fitch Ratings, of course, the more upstream investment that will go to Indonesia.
He said the new contracts is essential to enable the oil and gas exploration activities which are important efforts to prepare for the availability of oil and gas energy resources for future generations.
"In the next months and years ahead, will be a lot of foreign companies to enter Indonesia. Indonesia company I'm also getting ready. If you can not own investment, joint was with them [foreigners]. I am very pleased that Indonesian companies are brave and have started to get parts, "he said.
Head of Public Relations Division, Security, and Formality BP Migas Gde Pradnyana express realization upstream oil and gas investment to date has reached U.S. $ 14.3 billion, consisting of U.S. $ 12 billion is an investment in the sector of oil and gas production, while U.S. $ 1.5 billion - U.S. $ 2 billion is an investment in the sector of oil and gas exploration.
Of the total investment of upstream oil and gas, he explained, the government refunded (cost recovery) is an investment that has been producing. Meanwhile, investment in new oil and gas exploration could be restored by the government after it discovered oil and gas fields and has been producing oil and gas reserves.
"The realization of upstream oil and gas investment this year is also above the target because there are several oil and gas activities can we speed up, such as facility investment Cepu block, infill drilling activities, and other projects, so the investment commitment also advanced," he said.
On the other hand, the Minister Jero Wacik witnessed the signing of 13 contracts and agree new cooperation in the field of upstream oil and gas, with total investment commitments of U.S. $ 119.45 million and a signature bonus of U.S. $ 29.35 million.
The value of these investments is the winner's commitment to working area of exploration activity during the first 3 years, while the signature bonus will be directly entered as state revenues.
The contract was the result of the Auction Regular Work Area (WK) Gas Phase I in 2011, Auction Direct Offer Phase II in 2011, and Live Auction Offers Working Area Coal Methane Gas in 2011.
Commitment must exploration WK GMB from third WK for the first 3 years exploration period of study G & G of $ 1.8 million, 6 coreholes of U.S. $ 6 million, 6 drilling exploration wells amounting to U.S. $ 7.5 million, and 3 Production test wells for U.S. $ 1.5 million.
Thus, the total investment amounted to U.S. $ 16.8 million. Meanwhile, the signature bonuses to be received directly by the government of U.S. $ 3.5 million.(*)
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