Special Task Force for Upstream Oil and Gas Business Activities (SKKMigas) is optimistic that the upstream oil and gas investments investment could reach US$11 billion this year, a 17.9% rise compared to 2017’s realization of US$9.33 billion. But, the targets is far away from the initial planned worth of US$14.2 billion.
Based on the agency data, in the third quarter (3Q) of 2018, the realization of upstream oil and gas investment was US$7.9 billion, or 56% of this year’s target. Last year the realization of investments at US$6.74 billion.
Its also reported the state revenues from the upstream oil and gas sector during January-September 2018 worth of US$11.8 billion or 99% of the 2018 State budget’s target of US$11.9 billion. By the end of this year, the State revenue from upstream oil and gas is estimated to reach US$16.1 billion or 135% of the target.
Meanwhile, the realization of oil and gas lifting was 1.92 million barrels of oil equivalent per day (mboepd) or 96% of the 2018 state budget target of 2.00 mboepd.