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

Petrovietnam, Petronas Extend PSC for Offshore Block

Woodside Inks Long-Term LNG Supply Deal with China Resources

CNOOC Starts Production at Two New Oil and Gas Projects

Cairn India Might Invest in US Oil Servicing Firms to Increase Production

Eni, Petronas to Set Up Joint Venture for Assets in Indonesia and Malaysia

Petronas Inks Two More PSCs for Bid Round 2024, Launches Round 2025

Kazakhstan Looks to Improve Oil Production Agreements Terms

ConocoPhillips Takes Over Operatorship of Malaysian Oil and Gas Cluster

Petronas to Retain National Authority After Sarawak Gas Deal

CNOOC’s South China Sea Oil Field Goes On Stream

Current News

Shell-Reliance-ONGC JV Complete India’s First Offshore Decom Project

The Future of Long-Idle Drillships: Cold-Stacked or Dead-Stacked?

TMC Books Compressors Orders for FPSO and LNG Vessels

MODEC, Sumitomo Partner Up for Delivery of Gato do Mato FPSO

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

EnQuest Bags Two Production Sharing Contracts off Indonesia

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

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