LogIn LogOut

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

July 17, 2020

For Illustration only - Floating Production Unit at Chevron's Indonesian Deepwater Development project (Photo: Chevron)
For Illustration only - Floating Production Unit at Chevron's Indonesian Deepwater Development project (Photo: Chevron)

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)



Current News

After Sakhalin-2 Russia to Take Sakhalin-1 Project Under Its Control

After Sakhalin-2 Russia to Take Sakhalin-1 Project Under Its Control

Hellenic Cables to Deliver Inter-array Cables for Hai Long 2 & 3 Offshore Wind Farms in Taiwan

Hellenic Cables to Deliver Inter-array Cables for Hai Long 2 & 3 Offshore Wind Farms in Taiwan

'Energy Major' Buys 1,2 GW Floating Wind Farm Project from Hexicon Korea

'Energy Major' Buys 1,2 GW Floating Wind Farm Project from Hexicon Korea

Perdana to Provide AHTS Services to Petronas Carigali

Perdana to Provide AHTS Services to Petronas Carigali

OPEC's Secretary-General Barkindo Dies, Nigerian Oil Official Says

OPEC's Secretary-General Barkindo Dies, Nigerian Oil Official Says

Shell Joins Qatar's LNG Expansion Mega-Project

Shell Joins Qatar's LNG Expansion Mega-Project

Russia's Medvedev Says Oil Could Hit Up to $400 a Barrel if Japanese Proposal Adopted

Russia's Medvedev Says Oil Could Hit Up to $400 a Barrel if Japanese Proposal Adopted
photo

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