Rapid Progress of Deep-Sea Oil and Gas Exploration

The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) is aiming to significantly boost national oil and gas reserves, building on the success of finding 1,711.77 million barrels of oil equivalent (MMBOE) in the previous year.

Lili Sunardi

22 Jan 2024 - 17.41
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Rapid Progress of Deep-Sea Oil and Gas Exploration

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Bisnis, JAKARTA – The upstream oil and gas authority has set an ambitious target for exploration activities in this sector for the current year. The goal is for activities conducted by cooperation contract contractors to discover hydrocarbon reserves exceeding 500 million barrels of oil equivalent.

The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) is aiming to significantly boost national oil and gas reserves, building on the success of finding 1,711.77 million barrels of oil equivalent (MMBOE) in the previous year.

The oil reserve discovery in the past year was the largest in the last 23 years, surpassing the Abadi Field discovery in the Masela Block in 2000.

The ambitious target set by the national upstream oil and gas authority is also backed by a substantial increase in the exploration investment goal for this year, amounting to US$1,8 billion—twice the realization in 2023 with US$0,9 billion.

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Rapid Progress of Deep-Sea Oil and Gas Exploration

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