Indonesia’s oil and gas record an underperform as the H1 is lower than target by reason of the coronavirus pandemic slumping demand. Chairman of SKK Migas (Indonesian task force for upstream oil and gas regulator) disclosed that oil production are lower to 713,300 barrels/day from 755,000 barrels/day, and gas lowered to 5,605 million standard cubic feet per day (mmscfd) from 6,670 mmscfd. Both initial projections were released in Indonesia's state budget.
The global upstream oil and gas sector is going through unprecedented pressures due to lower prices, then toppled with global pandemic impacted demand and consumption. As with these reasons, the oil and gas sectors are having problems achieving targets.
In the first six month in the year, gross revenue was below half of government 2020 target of $32.09 billion, settled only at $11.89 billion, and SKK Migas forecasted the gross revenues to be around $19.91 billion. The bureau also slashed its Indonesian oil and gas sector in full-year investment outlook to $11.6 billion from the initial $13.83 billion following the reevaluation of oil prices.
The bureau also announced the list of Indonesia’s top oil producers in January to June; Exxon Mobil Cepu with 219,852 barrel/day oil productions, Chevron Pacific Indonesia at 178,902 barrel/day and Pertamina EP at 79,380 barrel/day. Indonesian biggest gas producers between January-June 2020 were BP Berau with 1,083 mmscfd, Conoco Phillips Grissik with 758 mmscfd and Pertamina EP at 682 mmscfd.
