SKK Migas increases oil and gas reserves by 495 MMBOE until July 2023 - ANTARA News
Please see the above article in Antara News 1 September 2023 - Translated by Google below -

"SKK Migas noted that oil and gas discoveries are currently dominated by discoveries in the form of gas, thereby increasing gas reserves nationally. In the era of energy transition, the role of gas will be increasingly needed, in addition to its large reserves, also because gas carbon emissions are the lowest compared to other fossil energy."

SKK Migas increases oil and gas reserves by 495 MMBOE until July 2023

Friday, 1 September 2023 11:25 WIB

Jakarta (ANTARA) - The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) in the January-July 2023 period will increase oil and gas reserves by around 495 million barrels of oil equivalent (MMBOE).

The additional reserves are in the form of oil amounting to 91 million barrels of oil (MMBO) and gas of 2,261 billion cubic feet (BSCF) which is equivalent to 495 MMBOE. The additional oil and gas reserves come from the approval of 18 Plan of Development (PoD) and the like submitted by cooperation contract contractors (KKKS) and approved by SKK Migas until July 2023.

"The addition of oil and gas reserves to 495 MMBOE until July 2023 is approaching the prognosis of 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 of national oil and gas reserves in 2022," said Deputy Deputy for Exploration, Development and Management of SKK Migas Working Areas Benny Lubiantara in a statement received in Jakarta, Friday.

He revealed that there was a significant increase in reserves in the last month when compared to the achievement until the first semester in June 2023 of 340 MMBOE. Within one month, SKK Migas managed to significantly increase oil and gas reserves to 155 MMBOE or an increase of around 46 percent.

"We will continue to work hard to complete the PoD submitted by the KKKS so that all applications submitted to SKK Migas can be completed until December 2023 so that national oil and gas reserves can certainly increase larger than last year," said Benny.

SKK Migas said that the success in accelerating the completion of the PoD contributed to efforts to increase national oil and gas reserves so that the age of oil and gas production could continue and the hope could increase.

Since 2018, SKK Migas claims to have succeeded in maintaining the achievement of the reserve replacement ratio (RRR) target always above 100 percent. This shows that the addition of oil and gas reserves exceeds what is produced.

"We project the achievement of RRR in 2023 to be around 144 percent, so that in 2023 it 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 is around 163 percent, which shows SKK Migas has succeeded in increasing the RRR by around 63 percent higher than the target," said Benny.

Based on SKK Migas data, the achievement of RRR in the range of 2013 to 2017 was 64 percent with details of RRR 2013 of 74 percent, 2014 of 67 percent, 2015 of 60 percent, 2016 of 64 percent, and 2017 of 55 percent.

Furthermore, Benny conveyed that oil and gas reserves exceeding those produced show that the upstream oil and gas industry will continue to sustainably provide energy to support sustainable development and support government programs in downstream oil and gas.

"The increase in national oil and gas reserves is aimed not only to support the achievement of the target in 2030 but to provide support for national energy adequacy in the era of energy transition towards achieving the net zero emission target in Indonesia.Ahun 2060," he said.

SKK Migas noted that oil and gas discoveries are currently dominated by discoveries in the form of gas, thereby increasing gas reserves nationally. In the era of energy transition, the role of gas will be increasingly needed, in addition to its large reserves, also because gas carbon emissions are the lowest compared to other fossil energy.

SKK Migas also stated that exploration is key in efforts to increase national oil and gas reserves. 2023 is a year with massive and aggressive exploration investment with exploration investment plans of 1.7 billion US dollars, an increase of 112 percent compared to the realization of exploration investment in 2022.