JAKARTA - The Government of Indonesia by the Special Task Force of Upstream Oil and Gas (SKK Migas) targeting national upstream oil and gas investment in 2015 reached US $ 22.2 billion, or 13.3% lower than the target of 2014 which was in the range of US $ 25.64 billion. The decline in the investment targets due to the weakening world oil prices which impact on the postponement of a number of production activities contractor cooperation contract (PSC).
"One of them was. Because pricing ICP (Indonesian Crude Price) also affected oil prices and the investment of course," said Deputy Chief of SKK Migas Indonesia Johannes Widjanarko told CNN on Sunday (14/12).
From an investment of US $ 22.2 billion, US $ 14.8 billion, or about 66.4 percent will be used for drilling 952 wells and maintenance work over 38 914 wells. The cost of the development of 783 wells, predicted to cost US $ 4.7 billion, or about 21.2 percent. While the rest, or around US $ 2.7 billion will be used to cover other costs such as administrative and general expenses.
"But we make sure the activity and investment plans will be in accordance with the plan of the WP&B (Work Program and Budget) 2015 despite world prices have fallen," said Widjanarko.
In addition to the amount of investment, oil and gas SKK PSC also approved the proposal regarding the amount of oil production next year. In WP & B in 2015, Indonesia's oil production is predicted to only reach 849 750 barrels per day (bpd) or lower than the target lifting in the State Budget (Budget) that targets production of 900,000 bpd of oil in the figure. "We will continue to encourage the PSC can maintain production next year. And we are optimistic with that figure," he said.
Even so, Deputy Planning Controlling SKK Migas, Aussie Gautama assess the phenomenon of the drop in world prices also provide benefits for the PSC in finding new oil and gas reserves. Because the drop in oil prices will impact on the decline in the cost of renting rigs drilling oil and gas wells or facilities.
"Yes, although the company will hold an investment and production, but the PSC be able to explore as much as possible because the rig rental prices so much cheaper. This point which becomes wisdom in the middle of the drop in oil prices," said the Aussie. (*)
"One of them was. Because pricing ICP (Indonesian Crude Price) also affected oil prices and the investment of course," said Deputy Chief of SKK Migas Indonesia Johannes Widjanarko told CNN on Sunday (14/12).
From an investment of US $ 22.2 billion, US $ 14.8 billion, or about 66.4 percent will be used for drilling 952 wells and maintenance work over 38 914 wells. The cost of the development of 783 wells, predicted to cost US $ 4.7 billion, or about 21.2 percent. While the rest, or around US $ 2.7 billion will be used to cover other costs such as administrative and general expenses.
"But we make sure the activity and investment plans will be in accordance with the plan of the WP&B (Work Program and Budget) 2015 despite world prices have fallen," said Widjanarko.
In addition to the amount of investment, oil and gas SKK PSC also approved the proposal regarding the amount of oil production next year. In WP & B in 2015, Indonesia's oil production is predicted to only reach 849 750 barrels per day (bpd) or lower than the target lifting in the State Budget (Budget) that targets production of 900,000 bpd of oil in the figure. "We will continue to encourage the PSC can maintain production next year. And we are optimistic with that figure," he said.
Even so, Deputy Planning Controlling SKK Migas, Aussie Gautama assess the phenomenon of the drop in world prices also provide benefits for the PSC in finding new oil and gas reserves. Because the drop in oil prices will impact on the decline in the cost of renting rigs drilling oil and gas wells or facilities.
"Yes, although the company will hold an investment and production, but the PSC be able to explore as much as possible because the rig rental prices so much cheaper. This point which becomes wisdom in the middle of the drop in oil prices," said the Aussie. (*)
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