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Indonesia Sets Sights on $17.04b Oil and Gas Investment in 2018

Indonesia Sets Sights on $17.04b Oil and Gas Investment in 2018

Energy and Mineral Resources Ministry’s oil and gas director general Ego Syahrial (kompas.com/Dendi Ramdhani)

The Energy and Mineral Resources Ministry has said that the government is aiming to achieve a US$17.04 billion investment target in the oil and gas sector.

“[Investment] is returning to the level between 2014 and 2016,” Ego Syahrial, the ministry’s oil and gas director general, said in Jakarta on Tuesday as quoted by kompas.com. He added that oil and gas investment reached $20.72 billion in 2014, $17.38 in 2015 and $12.74 billion in 2016.

Ego said, however, that the sector recorded the lowest-ever investment in 2017 at only $10.18 billion, of which $9.33 billion was in the upstream oil and gas business and $845.58 million in the downstream business.

Meanwhile, Upstream Oil and Gas Regulatory Special Task Force (SKK Migas) head Amien Sunaryadi said the government was attempting to boost investment in a number of upstream oil and gas projects in order to achieve the target.

Among these projects are the Jambaran Tiung Biru project, which will break ground this year, the capacity expansion of the Jangkrik field in the Makassar Strait, the Tangguh Train III project in Papua’s Bintuni Bay, and the preliminary front-end engineering design (pre-FEED) for the Masela block in Maluku’s Arafuru Sea, which is expected to commence this month.

Meanwhile, Downstream Oil and Gas Regulatory Agency (BPH Migas) head Fanshurullah Asa said the government would auction three gas pipeline projects: the 687-kilometer Natuna-West Kalimantan, the 1,800-kilometer West Kalimantan-Central Kalimantan and the 162-kilometer Central Kalimantan-South Kalimantan pipeline projects. (bbn)

source: http://www.thejakartapost.com/news/2018/01/10/indonesia-sets-sights-on-17-04b-oil-and-gas-investment-in-2018.html