REPUBLIKA.CO.ID, JAKARTA -- The Upstream Oil and Gas Regulatory Special Task Force (SKK Migas) revealed that 24 oil and gas projects will become operational in 2015, and oil production could increase by around 123,919 barrels per day (bpd).
"The main project is Banyu Urip, which could contribute about 100 thousand bpd throughout 2015," Chief of SKK Migas Amien Sunaryadi stated here on Tuesday.
The Banyu Urip project is located in Cepu Block, Bojonegoro, East Java, and is operated by ExxonMobil Cepu Limited.
"The peak production of Cepu Block is forecast to reach 165 thousand bpd in the fourth quarter of 2015," Sunaryadi stated.
The Bukit Tua project, operated by Petronas, is the second-largest oil production project. It contributes around 8 thousand bpd and is expected to reach its peak production of 20 thousand bpd in 2016.
Other projects include Bunyu (PT Pertamina EP) with 5,711 bpd, Petapahan (Chevron) 1,605 bpd, and Lapangan YY (PT Pertamina Hulu Energi ONWJ) 1,015 bpd.
The 24 projects will also produce 165.7 million standard cubic feet per day (MMSCFD) this year, with a peak production of 310.8 MMSCFD.
This year, SKK Migas targets to produce 849 thousand bpd of oil and 1,177 MMSCFD of gas.
The task force has forecast that the state oil and gas revenues in 2015 could reach between US$6.6 and US$14.9 billion, on the assumption that the oil prices will hover around US$40 to US$70 per barrel.
The revenue is lower than the expenditure for cost recovery amounting to US$15.8-18.9 based on the same oil price assumptions.
Earlier, the oil production in 2014 reached 794 thousand bpd. The revenue of oil and gas in 2014 reached US$28.33 billion, with cost recovery amounting to US$15.91 billion.
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