SKK Migas targets one million bpd oil production in 2031

Hence, we must double our efforts to push production while at the same time curb a natural production drop from oil wells.

Yogyakarta (ANTARA) – The Upstream Oil and Gas Regulatory Task Force (SKK Migas) has outlined a target to boost Indonesia’s oil production to nearly one million barrels per day (bpd) in 2031.

In the third quarter of 2019, the national oil production averaged 750 thousand bpd, while the country’s oil and gas production and lifting, the colloquial term for ready-to-sell production had touched 750 thousand bpd and 1.05 million barrels of oil equivalent per day (boepd) respectively.

“Hence, we must double our efforts to push production while at the same time curb a drop in natural production from oil wells,” Chief of the SKK Migas Program and Communication Division Wisnu Prabawa Taher stated at a media gathering held by PT Pertamina EP in Yogyakarta on Wednesday night.

To realize the oil production hike target, he unveiled SKK Migas’ four strategies, with the first being to prevent a drop in natural production; second, expediting efforts to process potential resources into ready-to-sell oil; third, encouraging the application of enhanced oil recovery (EOR) at old fields; and fourth, employing massive exploration strategy.

The natural production drop can be prevented by making optimal efforts, maintaining wells, reactivating unproductive wells, innovating technology, and maintaining the reliability of production facilities.

The efforts to accelerate the production of potential resources into ready-to-sell oil can be made by speeding up the monetization of undeveloped discovery through the new plan of development (PoD) or PoP of 27 oil and gas projects, optimizing postponed PoD, employing world-class project management, and classifying gas resources, project opportunities and gas market.

“SKK Migas will expedite the realization of EOR projects, including a field trial of EOR in 2019 covering the Tanjung, Jatibarang, and Gemah fields and adopt an alliance strategy with world-class EOR players,” he added.

Source: ANTARA News