Indonesia's oil and gas output projections for 2021 have been cut due to worries of a pandemic

[ASEAN NOW Content Team]

 

Indonesia has lowered its oil and gas production targets for this year, according to officials from industry regulator SKK Migas, as the coronavirus pandemic has hampered new projects.

SKK Migas' head Dwi Soetjipto told a virtual news conference that the oil lifting aim for 2021 has been reduced from an earlier target of 705,000 bpd to 665,000 bpd.

 

He indicated that gas liftings will be reduced to 5,529 million standard cubic feet per day (mmcfd) from 5,638 mmcfd.

"It turns out that the impact of the 2020 pandemic resulted in a loss of minus 20 thousand barrels of oil per day compared to what we expected," Soetjipto said, referring to the third-quarter shortfall.

During the epidemic, unplanned shutdowns occurred as investors postponed investments, limiting upstream activity and production, he added.

 

Indonesian oil liftings were 661,000 bpd in the third quarter, while gas liftings were 5,492 mmcfd, according to SKK Migas data released on Tuesday.

The statistics also revealed that Indonesia lifted 149.5 standard cargoes of liquefied natural gas (LNG) from January to September this year.
The regulator predicted 206.1 cargoes for this year in July.

 

However, according to SKK Migas' data, LNG cargoes are likely to climb next year, with a target of 211.9 standard cargoes.

Edited October 20, 2021 by ASEAN NOW Content Team