MEDC Projects at the Forefront of Increasing Oil and Gas Output

Two out of 15 upstream oil and gas projects, the strategic projects managed by Medco Energi Internasional Bronang field and Forel field, are targeted to start producing this year.

Stepanus I Nyoman A. Wahyudi

24 Apr 2024 - 16.44
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MEDC Projects at the Forefront of Increasing Oil and Gas Output

Illusttation - Offshore oil and gas drilling./Bisnis/Medco

Bisnis, JAKARTA — The downward trend in the production of ready-to-sell or crude oil and natural gas lifting each year has prompted the government to become more aggressive in pushing oil and gas cooperation contracts (KKKS) to accelerate the development of fields that are targeted to produce or come onstream this year.

The government, through the Upstream Oil and Gas Regulatory Task Force (SKK Migas), is eyeing 15 oil and gas projects targeted for production in 2024 to add oil production by 41,992 barrels of oil per day (bopd) and gas by 324 million standard cubic feet of gas per day (MMscfd) this year.

The total capital expenditure (capex) budget for the 15 oil and gas projects is projected to be $560.1 million.

Two out of 15 upstream oil and gas projects are targeted to start producing this year: the strategic projects managed by PT Medco Energi Internasional (MEDC), the Bronang field, and the Forel field. Both projects are now the government's mainstay in boosting national oil and gas lifting in the second half of this year.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.