Indonesia Keeps Finding New Oil and Gas Reserves

Summary

The Upstream Oil and Gas Special Regulatory Task Force (SKK Migas) noted that the reserve replacement ratio (RRR) in 2021 was above 100 percent, emphasizing the sector's ability to sustain current production levels. Head of SKK Migas Dwi Soetjipto revealed that last year's discoveries reached up to 696 million barrels of oil equivalent, meaning that Indonesia's RRR hit 116 percent. "This means that the amount of discoveries is higher than what was produced," he specified on Friday (1/21).

RRR is a parameter used to measure a country's ability to increase oil and gas reserves compared to the amount produced. Dwi assured that SKK Migas would always try to maintain a ratio of above 100 percent to maintain the sustainability of oil and gas reserves in the future. As a result, SKK Migas expects oil and gas discoveries in 2022 reserves to reach 1.4 billion barrels of oil equivalent with an RRR of 219 percent.

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