Four of them are national strategic projects in the upstream oil and gas sector which become priority to increase oil and gas production in order to meet the increasing oil and gas consumption in the country
Jakarta (ANTARA) - The Upstream Oil and Gas Regulatory Special Task Force (SKK MIgas) is optimistic investment in the upstream oil and gas industry in the country will increase after the government began a regular tender for the third phase of conventional oil and gas working areas in 2019.
At least 42 main oil and gas projects with a total investment of US$43.3 billion will be realized until 2027, SKK Migas Chief Dwi Soetjipto said in a press statement released on Sunday.
The 42 projects are expected to have a total production of 1.1 million barrels of oil equivalent (MBOE) consisting of 92.1 thousand barrels of oil and 6.1 billion cubic feet per day of natural gas.
"Four of them are national strategic projects in the upstream oil and gas sector which become priority to increase oil and gas production in order to meet the increasing oil and gas consumption in the country," he said.
He said the government approved 13 investment plans to develop oil and gas fields as of June 30, 2019. The projects are expected to increase oil and gas deposits to 132 MBOE. The figure will add to reserve replacement ratio (RRR) of 23.85 percent of the target of 100 percent in the 2019 state budget.
Meanwhile, Chief of SKK MIgas Program and Communication Division Wisnu Prabawa Taher said his side has designated 10 prospective areas to support oil and gas exploration activities in the future.
The 10 potential areas are Mesozoic Play in North Sumatra, Basin Center in Central Sumatra, Fractured Basement Play in South Sumatra, Offshore Tarakan, NE Java-Makassar Strait, Kutai Offshore, Buton Offshore, Northern Papua (Plio-Pleistocene and Miocene Sandtone Play), Bird Body Papua (Jurassic Sandstone Play), and Warim Papua.
Source: ANTARA News