Page 8 - AsianOil Week 03 2023

AsianOil PERFORMANCE AsianOil

Indonesia misses oil and

gas target in 2022

INDONESIA INDONESIA missed its target for oil and gas falling over the past decade, but began rising in
production last year as a result of unscheduled 2022, according to SKK Migas.
Indonesia expects facility closures and declining flow from mature The regulator greenlit several new projects
production and fields, upstream regulator SKK Migas said on for development that will involve a combined
investment to rise this January 18. But upstream investment is said to investment of $22.9bn over the next few years.
year, however. rise, it said. This year, as many as 45 new projects could be
Oil production averaged 612,300 barrels approved.
per day in 2022, while gas extraction came in at SKK Migas head Dwi Soetjipto hopes that
5.347bn cubic feet per day (55.3 bcm per year), the development of key projects such as Indo-
SKK Migas said. The targets for 2023 are 660,000 nesia Deepwater Development and the Masela
bpd and 6.16 bcf per day. LNG cargo deliveries gas blocks could start soon. Chevron is nearing
are due to rise to 204-206, from 196 in 2022. a deal with an investor to transfer its interest and
Two projects that had been scheduled to operatorship of IDD, Dwi said. The US major
come on stream in 2022 are on track to start up announced it was leaving the project in 2020 as
this year, SKK Migas said. One of them is BP’s part of a shift in its global portfolio strategy.
Tangguh Train-3 development. “Chevron and the candidate who will take
Long-term, Indonesia is aiming to ramp up over have agreed that this could be concluded in
oil supply to 1mn bpd by the end of this decade the first quarter,” Dwi said.
and is taking steps to attract more investment SKK Migas is hopeful that IDD can be pro-
to achieve this. Upstream investment rose to ducing by 2028.
$12.3bn in 2022, up from $10.9bn a year earlier, In the meantime, Indonesia’s state-owned
and is forecast to grow to $15.5bn in 2023. Pertamina is in talks to take over Shell’s stake in
The number of wells being drilled has been the Masela gas project. ™

P8 www. NEWSBASE .com Week 03 20•January•2023