2017 Rice Lifting Below Target

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05/01/2018 15:43 WIB

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Oil and Gas Lifting Achievement and Target 2017

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2017 Rice Lifting Below Target

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Oil and Gas Lifting Achievement and Target 2017

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The Special Working Unit for Upstream Oil and Gas Activities (SKK Migas) released data showing that national oil and gas lifting in 2017 only reached 1.94 million Barrels of Oil Equivalent Per Day (BOEPD), or 98.9 percent of the target in the 2017 Revised State Budget (APBN-P) of 1.96 million BOEPD.

Last year, oil lifting realization reached 803,800 barrels of oil per day (BOPD), or 98.6 percent of the target set in the 2017 APBN-P of 815 BOPD. Meanwhile, gas lifting reached 1.14 million BOEPD, or 99.2 percent of the target.

In the 2018 State Budget (APBN), the government targeted oil lifting at 800,000 BOPD, lower than the 2017 realization. Gas lifting, however, was targeted at 1.2 million BOEPD, higher than last year's realization. In the 2018 macroeconomic assumptions, the Indonesian Crude Price (ICP) was pegged at US$48 per barrel, but at the beginning of the year, it had already reached US$60 per barrel, in line with the increase in global crude oil prices, which had reached US$68 per barrel for Brent crude.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."