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Indonesia's Migas Lifting Fell in 2022, Lowest in 13 Years

Adi Ahdiat 23/02/2023 12:20 WIB

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Indonesia's oil and gas lifting realization fell in 2022, reaching its lowest level in 13 years.

Indonesia's Oil and Gas Lifting Realization (2010-2022)

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Indonesia's Migas Lifting Fell in 2022, Lowest in 13 Years

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Indonesia's Oil and Gas Lifting Realization (2010-2022)

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Based on a report from the Ministry of Energy and Mineral Resources (ESDM), Indonesia's 2022 oil lifting reached 612,000 barrels per day (BPD).

Furthermore, natural gas lifting in 2022 reached 955,000 barrels of oil equivalent per day (BOEPD).

This oil and gas (migas) lifting realization was lower than in 2021, marking the lowest level in the last 13 years, as shown in the graph.

According to Hageng Suryo Nugroho, Energy Expert at the Presidential Staff Office (KSP), Indonesia's declining migas lifting is influenced by the condition of aging oil and gas fields and production facilities.

"New oil fields should have been opened to increase production. However, due to the significant investment required, the only option is to maximize production from fields that are still economically viable," said Hageng in a press release on the official KSP website (13/10/2022).

Hageng stated that the government has undertaken several efforts to increase migas lifting, including significantly increasing well drilling around existing oil and gas fields.

"The government is currently exploring deep well drilling methods, reaching 3,000 feet, to find larger oil reserves. This unconventional drilling method requires precise technology, resulting in three times higher costs," said Hageng.

Despite the high costs, oil and gas drilling in Indonesia is expected to continue for several years. This is because, during the 2017-2022 period, investment realization in the oil and gas sector remained high and even tended to increase.

Currently, Indonesia also has four major oil and gas exploration projects involving domestic and foreign investors, such as Pertamina, Chevron, British Petroleum, and Inpex Corporation.

"There are still 70 unexplored potential (oil and gas) basins to be offered to investors," stated the Ministry of ESDM in the *Daily Strategic Information Review of Energy and Minerals, September 22, 2022*.

Editor : Adi Ahdiat

"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."