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AsianOil: Indonesia misses oil and gas target in 2022

Indonesia missed its target for oil and gas production last year as a result of unscheduled facility closures and declining flow from mature fields, upstream regulator SKK Migas said on January 18. But upstream investment is said to be on the rise, it said.

Oil production averaged 612,300 barrels per day in 2022, while gas extraction came in at 5.347bn cubic feet per day (55.3bn cubic metres per year), SKK Migas said. The targets for 2023 are 660,000 bpd and 6.16 bcf per day. LNG cargo deliveries are due to rise to 204-206, from 196 in 2022.

Two projects that had been scheduled to come on stream in 2022 are on track to start up this year, SKK Migas said. One of them is BP’s Tangguh Train-3 development. 

Long-term, Indonesia is aiming to ramp up oil supply to 1mn bpd by the end of this decade and is taking steps to attract more investment to achieve this. Upstream investment rose to $12.3bn in 2022, up from $10.9bn a year earlier, and is forecast to grow to $15.5bn in 2023.

The number of wells being drilled has been falling over the past decade, but began rising in 2022, according to SKK Migas.

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