Oil Lifting Will Miss Target: SKKMigas

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  • Pertamina Lepas Empat Lapangan Cepu ke Swasta

    Pertamina Lepas Empat Lapangan Cepu ke Swasta

    TEMPO.CO, Jakarta - The Upstream Oil and Gas Regulatory Special Task Force (SKKMigas) predicted that this year’s oil lifting would miss the target as 10 major holders of oil and gas cooperation contracts (KKKS) had lowered their lifting prediction.

    “However, more than 10 contract holders said that they will be able to exceed the [oil lifting] target. So, they might be able to compensate the results,” SKKMigas spokesperson Elan Biantoro told Tempo on Friday, August 28.

    Earlier, the oil lifting was predicted to reach 812,000 barrels per day, which is lower that the target of 825,000 barrels per day set in the revised 2015 state budget (APBN-P).

    The prediction, Elan added, was made due to a decline in productivity of Cepu Bock’s Banyu Urip oil field managed by ExxonMobil Cepu Limited to around 80,000 barrels per day following workers’ unrest in early August.

    Elan predicted that the Cepu Block would resume its normal production of 100,000 barrels per day by October this year, and the peak production of 225,000 barrels per day would be achieved in December or early next year.

    By July 31, 2015, the realization of oil and gas lifting had reached 756,000 barrels and 6,609 mmscfd, respectively. The cost recovery reached US$9.87 billion or 70.5 percent of the target set at US$14 billion. In addition, the realization of state income had reached US$9.15 billion from the target of US$14.99 billion.