POD I Approval Increase Oil and Gas Substitute Ratio Monday, January 14, 2019

  • 2019.01.14 Monday
  • 19:10

 

 EMR Communication Team

 

MINISTRY OF ENERGY AND MINERAL RESOURCES OF THE REPUBLIC OF INDONESIA

PRESS CONFERENCE

NUMBER: 0053.Pers / 04 / SJI / 2019

Date: January 14, 2019

 

POD I Approval Increase Oil and Gas Substitute Ratio

JAKARTA - Comparisons between oil and gas reserves found with those produced (Reserve Replecement Ratio / RRR) in Indonesia during 2018 reached 105% of those targeted at 100% at the beginning of the year. The addition of these reserves was marked, among others, by the approval of the Plan of Development (POD) I in several fields.

Based on data from the Directorate General of Oil and Gas at the Ministry of Energy and Mineral Resources, the ratio of Indonesia's oil and gas substitute reserves in the last year of the 5 POD I approvals reached 542 million barrel oil (mmbo) for oil and 555 billion standard cubic feet (bscf) for gas.

Meanwhile, total oil and condensate reserves in Indonesia are 7.51 billion barrels and 135.55 trillion standard cubic feet (tscf) for natural gas.

 

According to Director General of Oil and Gas Djoko Siswanto, the increase was supported by the approval of POD I in 5 (five) fields. "4 (four) approval of POD I came from PSC Cost Recovery and I (one) approval from POD I from PSC Gross Split," Djoko said in front of reporters during a 4-year press conference on the performance of the oil and gas subsector at the Ministry of Energy and Mineral Resources Jakarta, Friday (11 / 1).

 

From the number of PoD agreed to come from the Batanghari Work Area (WK), North West Kenanga Field which was operated by PT. Gregory Gas Perkasa, WK Wain, Karamba Field, Operator PT. Pandawa prima Lestari, WK Kasuri, Lap. Smoke, Kidney and Red, Opt. Genting Oil Kaasuri Pte, WK South West Bukit Barisan, Lap. Sinarmar, Opt. PT Riski Bukit Barisan Energi and WK East Sepinggan, Lap. Marakes, Eni East Sepinggan Ltd.

 

"The total government take estimate received from the five POD agreements was around USD 3.9 billion," Djoko said.

Over the past year, the Government has continued to make various efforts to increase exploration activities through the acceleration of POD I approval according to the direction of ESDM Minister Ignasius Jonan. As a result, oil and gas production until the end of December 2018 can reach 772.25 thousand barrel oil per day (bopd) for oil and 7760 mmscfd for gas.

This means, from 1 barrel of oil produced, the replacement rate of the replacement is around 1 barrel. (sk)

 

Head of Communication Bureau, Public Information Services, and Cooperation

Agung Pribadi (08112213555)

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