Jakarta, CNBC Indonesia – Indonesia is currently pursuing an increase in domestic oil production in order to achieve a production target of 1 million barrels per day (bpd) by 2030.
Moreover, currently domestic oil production continues to experience a downward trend. In fact, this year it is estimated that it will not reach the target of 660,000 bpd.
In order to achieve this target, Indonesia is considered to need to work hard, and must even be able to learn from countries that have succeeded in becoming oil “kings”.
Oil and Natural Gas (Migas) practitioner Hadi Ismoyo said that Indonesia could emulate the actions and programs carried out by a country in South America, Guyana.
He said that Guyana was serious about increasing its domestic oil production. In fact, within a 15 year exploration period, this country was finally able to produce oil reaching 1.1 million bpd.
“We see that the country of Guyana has a program for 15 years to produce 1.1 million barrels, from zero to hero. “This means, he can produce 1 million barrels within 12 to 15 years with exploration,” said Hadi to CNBC Indonesia in the Energy Corner program, Tuesday (7/11/2023).
In this way, he said that Indonesia could see the success of the country of Guyana by continuing to look for new oil sources in new, unexplored basins.
“So there is no other way for the government, through Pertamina of course as a subsidiary in the oil and gas sector, to continue exploring in the new basin once again,” he added.
He said that one way that Indonesia could increase domestic oil production was to find reserves in unexplored basins.
Hadi assessed that discovering new potential in unexplored basins could significantly increase oil production.
“We have to look for giant discoveries. We have to make a good roadmap to increase exploration because only exploration is what can increase national production,” he said.
As is known, oil production in Indonesia is observed to continue to decline. Based on data from the Ministry of Energy and Mineral Resources on November 5 2023, daily national oil production was recorded at only 586,110 barrels per day (bpd). This means that national oil production is only 89% of this year’s target of 660,000 bpd.
Apart from that, citing data from the Ministry of Finance (Kemenkeu), until September 2023 oil production will reach 608.6 thousand barrels per day (bpd). Meanwhile, as of October 31 2023, the Ministry of Energy and Mineral Resources (ESDM) recorded oil production of 582.69 thousand bpd.
[Gambas:Video CNBC]
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(wia)