Lower oil lifting despite higher output in Q1: SKK Migas

Upstream oil and gas authority SKK Migas said that although oil production in the first quarter (Q1) of this year exceeded state budget target, lifting was lower due among others to bad weather condition during the period.

SKK Migas Secretary Budi Agustiono was quoted by Kontan as saying Saturday that oil production in the first quarter reached 815,600 bpd, slightly higher than the 815,000 bpd target set in the 2017 State Budget.

He said there were five oil and gas contractors which made significant contribution to the first quarter oil production including Chevron Pacific Indonesia, ExxonMobil Ceput Limited, Pertamina EP, Total E&P Indonesie, and Pertamina Hulu Energi ONWJ.

He said, however, that oil lifting in the first quarter was only 787,800 bpd, lower than the 815,000 bpd target set in the state budget. In contrast, gas lifting at 6,503 mmscfd slightly exceeded the state budget target of 6,440 mmscfd.

Budi said that oil lifting depends on the readiness of oil tankers of state-owned oil and gas firm PT Pertamina to transport the output. ?We have asked Pertamina to improve (performance of) its tanker fleet,? he said.

He added that bad weather condition during the first quarter had affected the oil lifting target. (*)