Tuesday, July 16, 2024

SKK Migas targets 133 upstream oil and gas projects by 2029

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The Upstream Oil and Gas Regulatory Task Force (SKK Migas) aims to develop 133 non-National Strategic Projects (PSN) in the upstream oil and gas industry by 2029, with a total investment of Rp58 trillion (US$3.5 billion).

“By 2029, the country’s upstream oil and gas industry will have a total of 133 projects with a total investment of US$3.76 billion or Rp58 trillion,” SKK Migas Head, Dwi Soetjipto, said at the Pre-IOG SCM & NCB Summit in Batam, Riau Islands, on Wednesday, July 3, 2024.

Several projects are underway, such as the Forel and West Belut projects in the Riau Islands, with Medco Natuna Sea B as the contractor. These projects are targeted to be onstream in fourth quarter (Q4) of 2024, with production capacities of 10,000 barrels of oil per day (BOPD) and 50 million standard cubic feet per day (MMSCFD).

Significant projects include:
Mako Project: Managed by West Natuna Exploration Ltd, targeted to be onstream in Q4 2025 with a production capacity of 120 MMSCFD.
Ande-Ande Lumut Project: Managed by Prima Energy Natuna, targeted to be onstream in Q1 2028, with a production capacity of 20,000 BOPD.
Singa Laut and Kuda Laut Projects: Managed by Harbour Energy, targeted for gas production in Q4 2026 with a capacity of 135 MMSCFD, and for oil production in Q4 2028 with a capacity of 20,313 BOPD.

Dwi noted that the increasing investment, activities, and numerous new projects in Indonesia present significant challenges and opportunities for stakeholders in the upstream oil and gas supply chain industry.

In terms of PSN investments in the upstream oil and gas sector, the target is to reach Rp37.2 billion (about Rp610 trillion).

Dwi also highlighted that the projected investment for 2024 is US$16.1 billion (Rp 263.79 trillion), which is higher than the 2023 achievement of US$13.7 billion (Rp 224.47 trillion).

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