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

MODEC Advances Construction of Brazil-Bound Gato do Mato FPSO

TGS Gets Exclusive Rights for Seismic Survey Offshore Brunei

Hormuz Reopening Risks Turning Oil Shortage Into Glut

Oil Holds Steady After US, Iran Agree to Cease Attacks

ONGC Expands BP Partnership with Western Offshore Basin Services Contract

Saipem to Sell Saudi Shallow-Water Drilling Business to ADES for $285M

Qatari LNG Carriers Re-Enter Hormuz as Traffic Through Strait Slumps

Aramco Explores Asset Sales in Multi-Billion Dollar Fundraising Push

Kuwait Sees 70% Oil Output Recovery within Two Months of Hormuz Reopening

Indonesia Targets Higher Oil and Gas Output in 2027

Current News

Gastech 2026 to convene global energy leaders in Bangkok as Asia accelerates demand, LNG investment and system transformation

TotalEnergies Sells Malaysia Offshore Gas Field Stake to Inpex

MODEC Advances Construction of Brazil-Bound Gato do Mato FPSO

Oil Hits Four-Month Low After US-Iran Doha Talks

SLB to Support Kuwait Oil's AI and Digital Tech Initiative

Sunda Reviews Timor-Leste Appraisal Plans as New Zealand Deal Advances

TGS Gets Exclusive Rights for Seismic Survey Offshore Brunei

Petronas Unit Probes Cause of Fire at Offshore Platform in Malaysia

SBM Offshore, SWS Sign Deal for Seventh FPSO Hull

Hormuz Reopening Risks Turning Oil Shortage Into Glut

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