Long Way to Meet the Targeted Upstream Oil and Gas Investment

The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) revealed that investment in the upstream oil and gas sector until September 2020 had only reached US$7.03 billion or 63.33 percent of this year's target of US$11.1 billion. "The total investment is US$7.03 billion. A total of US$6.91 billion put in the production working area, while US$120 million put in the exploration working area," said SKK Migas’ Acting Head of Program and Communication Susana Kurniasih on Tuesday (10/13).

Even so, Susana said, there has been no revision of the investment target in the upstream oil and gas sector by the end of the year. This year's investment target includes exploration activities of US$317 million, development activities of US$1.07 billion, production activities of US$5.03 billion, and administration of US$483 million. Previously, SKK Migas targeted upstream oil and gas investment in 2020 to reach US$13.83 billion. The target was adjusted following global oil price pressures and the impact of the COVID-19 pandemic.