Saka Energi to Pump US$1.5 Billion into Oil and Gas Sector

Summary

Saka Energi Indonesia, owned by PT Perusahaan Gas Negara Tbk (PGN), will spend around US$1.5 billion in 2022-2028 to develop various assets in a bid to ramp up oil and gas production. Energy Voice reported that based on PGN's third-quarter report, Saka Energi's reserves replacement ratio (RRR) hits 1.1 times, meaning every barrel of oil produced can be replaced with proven reserves of 1.1 barrels.

Meanwhile, its reserves-to-production ratio (R/P) is at around 5-6 years, relatively low compared to those of PT Pertamina Hulu Energi (PHE) and PT Medco Energi Internasional Tbk, at about 7-8 years. Therefore, Saka Energi needs to be on par with them in terms of R/P ratio, PGN suggested.

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