Jakarta, IO – The Upstream Oil and Gas Regulatory Special Task Force (SKK Migas) has succeeded in adding oil and gas reserves of 495 million barrels of oil equivalent (MMBOE) in the last seven months.
The additional reserves are in the form of oil of 91 million barrels of oil (MMBO) and 2.261 billion cubic feet (BSCF) of gas which is equivalent to 495 million MMBOE. This was due to the approval of 18 development plans submitted by the oil and gas contractors (KKKS) which have been approved by SKK Migas as of July, per Katadata, Saturday (2/9).
SKK Migas Exploration, Development and Management deputy Benny Lubiantara said a significant increase in reserves in the last month was 155 MBOE, up by around 46 percent. This means the current total is expected to exceed last year’s realization.
Furthermore, Benny explained that SKK Migas had maintained the reserve replacement ratio (RRR) target at above 100 percent since 2018. He also projected an RRR achievement of up to 144 percent this year.
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This shows that the upstream oil and gas industry in Indonesia will continue to grow sustainably, provide energy to support development and achieve the net emission zero target by 2060.
Meanwhile, in the energy transition era, the role of gas will increase, because gas carbon emissions are the lowest compared to other fossil energy. (bp)