Lifting Migas Below Target, 2017 Cost Recovery Exceeded Target

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05/01/2018 17:54 WIB

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Realization and Target of Oil and Gas Lifting, Cost Recovery, and Upstream Oil and Gas Revenue (2017)

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Lifting Migas Below Target, 2017 Cost Recovery Exceeded Target

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Realization and Target of Oil and Gas Lifting, Cost Recovery, and Upstream Oil and Gas Revenue (2017)

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The 2017 oil and gas lifting target set by the Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) fell short of the revised state budget (APBN-P) target. However, the oil and gas contractors' cost recovery for the same year exceeded the target.

Data from SKK Migas shows that last year's oil and gas lifting reached only 98.9 percent of the APBN-P 2017 target, amounting to 1,944 thousand barrels of oil equivalent per day (BOEPD) compared to the targeted 1,965 thousand BOEPD. Indonesia's oil and gas lifting has been declining year on year due to the aging of oil and gas wells and limited exploration activities.

Meanwhile, cost recovery in 2017 reached 106 percent of the APBN-P 2017 target, amounting to US$ 11.3 billion compared to the targeted US$ 10.7 billion. State revenue from upstream oil and gas reached 108 percent of the target, amounting to US$ 13.1 billion compared to the targeted US$ 12.2 billion.

"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."

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Lifting Migas Below Target, 2017 Cost Recovery Exceeded Target

Lifting Migas Below Target, 2017 Cost Recovery Exceeded Target

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Lifting Migas Below Target, 2017 Cost Recovery Exceeded Target

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