Jakarta, IO – The Upstream Oil and Gas Regulatory Special Task Force (SKK Migas) noted that Indonesia’s oil and gas reserves increased by around 495 million barrels of oil equivalent (MMBOE) in seven months. The additional reserves consist of 91 million barrels of oil (MMBO) and 2,261 billion cubic feet (BSCF) of gas.
The addition comes from the approval of 18 plans of development (PODs) proposed by oil and gas contractors (KKKS) and has been approved by SKK Migas until July.
SKK Migas Deputy for Exploration, Development and Management Benny Lubiantara said the addition of oil and gas reserves is approaching the prognosis for oil and gas production until the end of 2023. Therefore, it is certain that the position of national oil and gas reserves in 2023 will be greater than the position in 2022, per Detikcom, Friday (8/9).
Benny added that there was a significant increase in reserves in the last one month compared to the achievements until June amounting to 340 MMBOE. SKK Migas managed to significantly add oil and gas reserves up to 155 MBOE or up by around 46 percent.
The success of SKK Migas in accelerating the completion of the POD has contributed to efforts to increase national oil and gas reserves so that the age of oil and gas production can continue to increase. Since 2018, SKK Migas has succeeded in maintaining the target reserve replacement ratio (RRR) of always above 100 percent, which shows that the addition of oil and gas reserves exceeds production.
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SKK Migas projects that the RRR achievement in 2023 will be around 144 percent so that 2023 will be the sixth consecutive year that RRR reaches above 100 percent.
On average, from 2018 to 2023, it is estimated that the average RRR achievement will be around 163 percent which shows that SKK Migas has succeeded in increasing RRR around 63 percent higher than the target.
Based on SKK Migas data, the RRR achievement in the 2013-17 period was around 64 percent. (rr)