SKK Migas Concerned of Investment Amid Recession Forecast

25 November 2022 13:42 WIB

TEMPO.CO, Jakarta - The acting Head of SKK Migas (Upstream Oil and Gas Regulatory Task Force) Program and Communication Division, Mohammad Kemal, on Friday said he is concerned that the forecast of a global recession will erode companies' interest to invest in oil and gas sector. 

"We are the ones who are most worried about the recession, companies tend not to invest because they hold back cash flow for us," he said on the sidelines of the 3rd International Convention on Indonesian Upstream Oil and Gas 2022 at the Bali Nusa Dua Convention Center, Bali, on November 25.

Kemal said SKK Migas would try to address these concerns. One of them is by locking the current work program and budget and attempting to achieve the investment target of 2023.

SKK Migas is eyeing investments in the oil and gas sector to reach US$14 billion or equivalent to Rp219.2 trillion. For this year, the investment target for upstream oil and gas is US$13.2 billion. 

He said that the task force is optimistic that this goal will be achieved.

MOH KHORY ALFARIZI

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