Oil lifting target, ICP revised downward
Thursday, June 9 2016 - 01:32 AM WIB
The Ministry of Energy and Mineral Resources revised downward the country?s oil and gas lifting target for 2016 as some oil and gas contractors lowered production amid the overall weak price environment.
Minister of Energy and Mineral Resources Sudirman Said, speaking on Wednesday at the House of Representatives during deliberation of the proposed revision to the 2016 State Budget, the oil lifting target in the revised state budget has been cut down to 810,000 bpd from 830,000 bpd under the original 2016 State Budget.
He added that the gas lifting target has also been revised downward to 1.11 million boepd from 1.15 million boepd.
Sudirman said that the downward revision was made as several oil and gas contractors have decided to delay production amid the lingering weak oil price.
Meanwhile, the Indonesia Crude Price (ICP) assumption in the revised 2016 state budget has also been lowered to US$40 per barrel from $50 per barrel under the original budget. Sudirman said that the ministry initially wanted to propose a $35 per barrel assumption, but in light of the recent rally in oil price, the ministry decided to propose the $40 assumption.
| No | Oil, gas contractors | Work Area | Oil lifting (thousand bopd)
|
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| 2016 | |||||
| State Budget | Actual Jan 16 ? May 16 | Outlook Per 31 May 2016 | |||
| 1 | PT. CHEVRON PACIFIC INDONESIA | Rokan | 247.9 | 257.2 | 248.5 |
| 2 | MOBIL CEPU LTD. | Cepu | 161.1 | 148.9 | 163.9 |
| 3 | PT. PERTAMINA EP | Indonesia | 104.4 | 86.2 | 85.7 |
| 4 | TOTAL E&P INDONESIE | Mahakam | 55.7 | 62.4 | 59.3 |
| 5 | PT PHE ONWJ LTD. | Offshore North West Java | 40.5 | 36.6 | 37.3 |
| 6 | CNOOC SES, LTD. | SE, Sumatra | 30.8 | 31.8 | 31.6 |
| 7 | CONOCOPHILLIPS INDONESIA INC LTD. | South Natuna Sea Block "B" | 17.0 | 19.5 | 19.3 |
| 8 | PETRONAS CARIGALI KETAPANG II LTD. | Ketapang | 19.1 | 16.2 | 16.9 |
| 9 | CHEVRON INDONESIA COMPANY | East Kalimantan | 17.6 | 18.2 | 15.2 |
| 10 | PETROCHINA INTER JABUNG LTD | Jabung | 12.6 | 11.2 | 13.5 |
| 11 | VIRGINIA INDONESIA COMPANY (VICO), LLC. | Sanga-Sanga | 10.5 | 17.7 | 12.8 |
| 12 | BOB - PT. BSP PERTAMINA HULU | CPP | 11.4 | 11.8 | 11.5 |
| 13 | PT. PHE WMO | West Madura | 12.3 | 10.4 | 9.2 |
| 14 | PT. MEDCO E&P INDONESIA | Rimau | 8.1 | 9.5 | 9.0 |
| 15 | CONOCOPHILLIPS (GRISSIK) LTD. | Corridor | 6.4 | 7.1 | 6.5 |
| 67 PSC holders | 74.5 | 63.0 | 69.5 | ||
| TOTAL | 830 | 808 | 810 | ||
| Source: SKK MIGAS | |||||
Editing by Reiner Simanjuntak