Page 10 - AsianOil Week 29 2021

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Indonesia’s H1 output falls short

PERFORMANCE INDONESIA’S oil and gas production in the first had been vaccinated and that the sector had
half of this year has once again missed the gov- reported more than 21,000 infections.
ernment’s target, the country’s upstream regula- SKK Migas noted that Indonesia’s efforts to
tor revealed last week. slow the virus’ spread had seen seismic surveys,
SKK Migas chairman Dwi Soetjipto said on the drilling of six exploration and 12 develop-
July 16 that crude lifting amounted to 667,000 ment wells and first production from three other
barrels per day in the first six months. With the projects delayed for up to five weeks.
government’s production target for 2021 set at Soetjipto’s performance update comes at the
705,000 bpd, SKK Migas warned that output was end of a week in which other SKK Migas officials
only likely to reach 680,000 bpd. issued their own warnings about both the coun-
Natural gas production, meanwhile, try’s near and long-term production prospects.
amounted to 5.43bn cubic feet (153.78mn cubic SKK Migas deputy for operations Julius
metres) per day, which trailed the government’s Wiratno said on July 12 that lower-than-ex-
5.64 bcf (159.72 mcm) target. As such, the pected output in the first quarter would drag on
upstream regulator anticipates annual output this year’s production average, noting that oil
will only average 5.53 bcf (156.61 mcm) per day and gas lifting was only likely to reach 97-98% of
Soetjipto told a virtual press conference that the government’s 2021 target.
ongoing coronavirus (COVID-19) social quaran- SKK Migas Deputy for finance and mone-
tine measures coupled with the upstream invest- tisation Arief Setiawan Handoko, meanwhile,
ment fallout from last year’s lower oil prices had warned on July 13 that a business-as-usual
weighed on this year’s production results. approach to declining production from
“We can only send around 50% of the work mature fields would likely see national crude
force needed to the field, so operations can’t be output fall as low as 281,000 bpd by 2030. This
optimal,” Soetjipto said. The official noted that compares poorly with the government’s 2030
around 41% of the oil and gas industry’s workers target of 1mn bpd.™

PetroVietnam’s first-half

pre-tax profit jumps 200%

PERFORMANCE STATE-OWNED PetroVietnam’s pre-tax profit Revenue, meanwhile, climbed by 22% year
grew by more than 200% in the first half of this on year to VND299.3 trillion ($13bn), exceeding
year to VND21.3 trillion ($912.5mn), the com- its target by 20% and helping lift the company’s
pany reported earlier this month. contribution to the state budget by 33% y/y to
The result, which the state major attributed VND45.2 trillion ($1.96bn).
to the economic recovery from the coronavirus PetroVietnam’s first half oil and gas produc-
(COVID-19) induced global recession, saw Pet- tion amounted to 9.68mn tonnes of oil equiva-
roVietnam exceed its performance target by 165%. lent (392,000 barrels of oil equivalent per day),

P10 www. NEWSBASE .com Week 29 22•July•2021