The oil and gas sector of Indonesia has delivered exemplary performance for the six-month period ended June 2013. The industry marked a milestone by meeting 99 per cent of its oil production targets for the first half of 2013. This is the first time in the past three years that Indonesia’s oil and gas industry has been able to meet almost all of its intended production targets.
According to the country’s oil and gas regulator, SKK Migas, the industry produced 831,118 barrels of oil per day on average, just 1 per cent below the targeted 840,000 barrels that was set under the revised 2013 state budget. Meanwhile, the industry generated $18.7 billion in revenue during the six-month period ending June 2013, which surpassed its target of $18.4 billion by $300 million.
During the first half of 2013, a total of 178 production sharing contractors conducted explorations in Indonesia, with 76 contractors involved in oil and gas production. According to SKK Migas, seven production sharing contractors have helped the industry to achieve this record perfromance: ConocoPhillips Indonesia, Vico Indonesia, Medco E&P Indonesia (S&C Sumatera), PHE ONWJ, Chevron Pacific Indonesia, Medco E&P Indonesia (Rimau), and ConocoPhillips (Grissik).
