COVID-19 Hits Indonesia's 1H 2020 Oil and Gas Liftings

Friday, July 17, 2020

Indonesia's oil and gas lifting in the first half of this year was lower than targeted as the coronavirus pandemic continued to dampen demand, the chairman of regulator SKK Migas said Friday.

Oil lifting in January to June stood at 713,300 barrels per day (bpd) while gas lifting stood at 5,605 million standard cubic feet per day (mmscfd) in the same period.

They were both lower than the 755,000 bpd for oil and 6,670 mmscfd of gas lifting targeted in Indonesia's state budget.

"The upstream oil and gas sector nationally and internationally is going through extraordinary pressures due to lower prices," the regulator's chairman, Dwi Soetjipto, said.

"This is then followed by the COVID-19 pandemic, which impacted consumption and demand. With these pressures, we are having problems achieving targets," he added.

Gross revenue in the first six months of the year was below half of the government's $32.09 billion full-year target at $11.89 billion. SKK Migas forecasts gross revenue to be $19.91 billion this year.

SKK Migas also cut its full-year investment outlook for the Indonesian oil and gas sector to $11.6 billion from its target of $13.83 billion, as investors reevaluate lower oil prices.

Indonesia's top oil producers in January to June were Exxon Mobil Cepu, which saw oil lifting at 219,852 bpd, Chevron Pacific Indonesia at 178,902 bpd and Pertamina EP at 79,380 bpd.

Top gas producers were BP Berau, Conoco Phillips Grissik and Pertamina EP which saw gas lifting at 1,083 mmscfd, 758 mmscfd and 682 mmscfd respectively. 

(Reporting by Wilda Asmarini and Bernadette Christina Munthe; Writing by Fathin Ungku; Editing by Alison Williams and Edmund Blair)

Categories: Industry News Production Asia Indonesia

Related Stories

China's Sinopec Laucnhes $690M Hydrogen Venture Capital Funds

Keyfield Ventures into Indonesia’s Oil and Gas Market with New Partner

Velesto’s Jack-Up Rig Set for Drilling Job off Indonesia

Mubadala Energy Open to Sell Andaman Gas for Domestic Use

ABS Greenlights SHI’s Multi-Purpose Deepwater LNG Floating Unit

Indonesia's Medco Starts Production at Natuna Sea Fields

Indonesia Grants Approval to Kuwaiti Firm for Anambas Block in Natuna Sea

Shell Launches Next Phase of Malaysia's Deepwater Project with First Oil Production

ONGC and BP Sign Deal to Boost Production at India's Largest Offshore Oil Field

Kazakhstan Looks to Improve Oil Production Agreements Terms

Current News

China's Sinopec Laucnhes $690M Hydrogen Venture Capital Funds

CIP, ACEN Partner Up for First Large-Scale Offshore Wind Farm in Philippines

Valeura Concludes Eight-Well Drilling Campaign in Gulf of Thailand

Three Dead in Chevron's Angolan Oil Patform Fire

BW Opal FPSO Vessel set for Work off Australia

Keyfield Ventures into Indonesia’s Oil and Gas Market with New Partner

Fire Contained at Vietnamese Oil Platform Undergoing Decommissioning (Video)

Velesto’s Jack-Up Rig Set for Drilling Job off Indonesia

Petronas, Inpex Secure Oil and Gas Exploration Rights off Indonesia

Mubadala Energy Open to Sell Andaman Gas for Domestic Use

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com