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| Friday, 09 April 2010 12:45 | |||||||
Page 1 of 2 Grow Investment Climate
Jakarta, Kompas - The lack of data, or the potential for finding oil and gas reserves reduce interest in investing in Indonesia. That could hamper oil and gas production target. To that end, government needs to allocating a budget for the general survey and exploration. Head of Geological Agency Ministry of Energy and Mineral Resources R Sukhyar presenting it in discussions initiated by Institute of Geologists of Indonesia in Jakarta, Thursday (8 / 4). Domestic oil demand is currently 1.28 million barrels per day, while production continues to decline. As for oil production target ready to sell nationally in 2010 amounted to 965,000 barrels per day. "In recent years, national oil production declining due to aging wells and lack of finding new oil and gas reserves," he said. To replace the oil reserves are depleted, according Sukhyar, need to do exploratory drilling 400-500 wells per year. In fact, the actual drilling 75 exploration wells per year just due, among other things, the general lack of survey data and seismic surveys, low investor interest, and overlapping with other sectors. Sukhyar explains, is currently Indonesia's oil reserves total 7.99 billion barrels of oil (BBO). Of the total amount of oil reserves, as much as 4.3 BBO are the findings of oil reserves and 3.69 BBO is the potential reserves. The Indonesian gas reserves total 159.63 trillion cubic feet (TCF), which is 107.3 TCF of which are the findings of gas reserves. Low-risk To maintain and increase national oil production, is necessary to have the findings of new oil reserves through the activities of the general survey and exploration activities. "However, businesses today tend to try to field a low-risk oil or mature field. One possible cause is a lack of data Geosciences, "he said. Therefore, the government should take the initiative to take steps to breakthrough, namely investment in exploration. Exploration activities may include studies on oil basin that has been producing and conducting surveys in areas not yet commenced and basin areas are already in production. By investing in the upstream side, especially by carrying out a general survey, it will increase the understanding of the potential oil and gas, oil and gas industry to reduce business risk, while increasing the government's bargaining position. Director General of Oil and Gas Energy and Mineral Resources Ministry, Evita H Legowo admit, budget general survey and exploration of oil and gas owned by the Ministry of Energy and Mineral Resources are very limited. General survey of the needs of a relatively large budget. Changes in Budget 2010, the budget allocation for geothermal grew almost USD 200 billion. "If we get a budget big enough like that, of the resulting data will be better and we can work together with the Agency or the Geological Research and Development Agency," he said. By having the data findings in the working area of oil and gas reserves being offered to investors, it will increasingly attract the oil and gas contractors to work on it. This year, investor interest is expected to increasingly high oil and natural gas. Of the 11 areas of work (WK) gas which is offered through direct bidding in the second round in 2009, all interested investors. In the first round, offering enthusiasts a quiet block of oil and natural gas. Today, Evita said, it evaluates whether all investors are eligible to become managers in the 11 WK. Members of the House of Representatives Commission VII, Satya W. Yudha, rate, increased exploration is needed to ensure future production growth. Therefore, governments should encourage the exploration effort to increase reserves, particularly in regions untouched by providing sufficient data.
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