Indonesia’s oil and gas lifting in 2023 is expected to reach 1,769,000 barrels of oil equivalent per day (BOEPD), consisting of oil lifting of 660,000 barrels per day and natural gas lifting of 1,100,000 barrels of oil equivalent per day.

Jakarta (Indonesia Window) – The Indonesian government and the country’s House of Representatives have targeted the lifting (ready to sell) of oil and gas in 2023 of 1,769,000 barrels of oil equivalent per day (BOEPD).

This figure consists of oil lifting of 660,000 barrels per day and natural gas lifting of 1,100,000 barrels of oil equivalent per day, according to an official statement from the Ministry of Energy and Mineral Resources received here on Monday.

The decision was approved on the basis of lifting realization until August 2022 which reached 1.562 million barrels of oil equivalent per day, consisting of oil lifting realization of 606,400 barrels of oil per day and natural gas lifting of 956,000 barrels of oil equivalent per day.

Meanwhile, the outlook for oil and gas lifting in the 2022 State Budget is 1.597 million barrels of oil equivalent per day, consisting of oil lifting of 633,000 barrels of oil per day and natural gas lifting of 964,000 barrels of oil equivalent per day.

The government also continues to encourage Cooperation Contract Contractors to increase oil and gas production through the determination of cost recovery in 2023 of 8.50 billion dollars.

In order to optimize the national oil and gas production, Minister of Energy and Mineral Resources Arifin Tasrif promoted the use of modern technology in drilling old wells. This is expected to be in line with the government's target to achieve oil production of one million barrels per day by 2030.

"We see that our oil sources have been old, so we need more efforts with new technology which of course will cost money. We are working to achieve the target of one million barrels per day in 2030," Arifin said.

The minister emphasized that achieving the production target of one million barrels of oil per day takes a relatively long time. "Pumping oil takes 7-10 years starting from discovery, exploration to exploitation. Currently we have indications of new wells that we can try to accelerate (all these stages)," he said.

Reporting by Indonesia Window