Thursday, 18 Safar 1441 / 17 October 2019

Thursday, 18 Safar 1441 / 17 October 2019

SKK Migas records US$9.32 bln in cost recovery

Senin 14 Jul 2014 20:20 WIB

Red: Julkifli Marbun

SKK Migas

SKK Migas

Foto: Migas

REPUBLIKA.CO.ID, JAKARTA -- The upstream oil and gas operator SKK Migas has recorded US$9.32 billion in cost recovery up to June this year, according to SKK Migas Secretary Gde Pradnyana.

Pradnyana stated here on Monday that the US$9.32 billion included US$6.17 billion in production cost or about 66 percent of the total amount of the cost recovery.

"It also included US$1.67 billion or about 17.9 percent in expansion cost, US$0.84 billion or 9.01 percent in exploration cost, and US$0.64 billion (6.87 percent) in administration cost," he explained.

The US$9.32 billion accounted for 62.1 percent of the total cost recovery assumption in the state budget set at US$15 billion.

In 2013, the realization of SKK Migas' cost recovery was recorded at US$15.92 billion.

It comprised US$9.84 (62 percent) production cost, US$3.56 billion expansion cost, US$1.32 billion exploration expenditure, and US$1.2 billion administration spending.

"During the period of 2011-2014, the cost recovery allocation for supporting production activities was the largest portion reaching 60 percent," Pradnyana noted.

As per June 30, 2014, crude production (lifting) sales reached 796.5 thousand barrels per day (bpd) and 7,140 million metric standard cubic feet of gas per day (MMSCFD).

It achieved 97.4 percent of its target set at 818 thousand bpd in the 2014 revised state budget, and 7,099 million MMSCFD or about 100.6 percent of the target set at 7,099 MMSCFD.

In the meantime, Acting Head of SKK Migas J. Widjonarko reported last week that the oil and gas operator had forecast that Indonesia's crude oil production will increase in the second half of this year.

The projects designed to increase oil output will begin operating in the second semester, he claimed.

In the first half of 2014, crude oil production stood at 796 thousand bpd, and gas production reached 6.9 billion MMSCFD, Widjonarko pointed out.

Oil lifting sales as of April 30, 2014, reached 796.5 thousand bpd and gas totaled 1.239 million barrels of oil equivalent per day, he added.

The projects designed to increase production are either existing or new projects, Widjonarko remarked.

Among the new fields that will commence production in the second half of 2014 are Peciko 7B, Sisi Nubi 2B, and Banyu Urip.

Under the revised 2014 state budget, the target of oil lifting is 818 thousand bpd, and the target of gas production is 7,099 MMSCFD or 1.224 million barrels of oil equivalent per day.

The oil lifting comprises 304,150 bpd from PT Chevron Pacific Indonesia, 127,420 bpd from PT Pertamina EP, 66,860 bpd from Total E&P Indonesie, 39,790 bpd from PT Pertamina Hulu Energi Ofshore North West Java (PHE ONWJ), and 34,080 bpd from CNOOC SES Limited.

Oil lifting from Mobil Cepu Limited is expected to reach 31,880 bpd, ConocoPhillips Indonesia Limited 27,090 bpd, PT Pertamina Hulu Energi West Madura Offshore 22,750 bpd, and Chevron Indonesia Company 19,910 bpd.

PetroChina International Jabung Limited ranked 10th with 14,960 bpd, followed by PT Bumi Siak Pusako Pertamina Hulu with 14.6 thousand bpd, PT Medco E&P Indonesia Rimau with 12,970 bpd, and Vico Indonesia-Sanga Sanga with 12,970 bpd.

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