Indonesia Jan-June oil lifting hampered by floods
Adds details
By Fransiska Nangoy and Bernadette Christina
JAKARTA, July 19 (Reuters) -Indonesia's oil lifting from Januaryto June was below target at 576,000 barrels per day (bpd), hit by disruptions caused by floods, upstream oil and gas regulator SKK Migas said on Friday.
The government has targeted 635,000 bpd of oil and 5,785 million standard cubic feet per day(mmscfd) of gas lifting in its 2024 budget.
Gas lifting in the January to June period was 5,301 mmscfd, Dwi Soetjipto, the chairman of SKK Migas, told a press conference.
"In the first half there was a lot of flooding in various locations, some drilling was delayed by up to a month," Dwi said, adding that operations were also affected at Pertamina's Rokan block.
He said a number of projects were expected to come on stream later this year which would help increase production of oil and gas, although production would still come below the government's target.
SKK Migas estimated that 2024 lifting of oil would be at 595,000 bpd and gas at 5,554 mmscfd.
ACCELERATING MAJOR PROJECTS
To reverse depleting declining production, Indonesia is working to accelerate development of major projects following big discoveries of gas reserves in recent years.
SKK Migas is working with United Arab Emirates explorer Mubadala Energy to accelerate development of its South Andaman Block, targeting the project to start production in 2028.
"We are targeting for the plan of development to be approved by the end of this year, but the scope maybe limited to the Tangkulo well for the first phase and then followed by Layaran in the later phase," said Benny Lubiantara, a senior official at SKK Migas.
Mubadala Energy said itsTangkulo-1 exploration well in the South Andaman Block foundmore than 2 trillion cubic feet (tcf) of gas-in-place, just months after a 6 tcf gas-in-place discovery at the Layaran-1 well at the same block,which analysts said was the world's second-largest deep water discovery last year.
Meanwhile, a plan for developing the Indonesia Deepwater Development gas project by Italy's Eni, which will be combined with its Geng North project, is expected to be approved in the third quarter this year.
Reporting by Fransiska Nangoy, Bernadette Christina Munthe; Editing by John Mair and Raju Gopalakrishnan
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