KONTAN.CO.ID - JAKARTA. Indonesia is finding it challenging to reach this year's oil and gas lifting target, as the oil depletion rate – or "natural decline" – was higher than projected, the Upstream Oil and Gas Regulatory Special Task Force (SKK Migas) has said on Wednesday. Crude oil production in the first quarter fulfilled 89 percent of the targeted daily average of 1.8 million barrels of oil equivalent per day (boepd). Recent SKK Migas data shows that average crude oil lifting during the first quarter was 749,600 barrels of oil per day (bopd), while gas lifting was 5.9 billion metric standard cubic feet per day (mscfd).
"Natural decline" a challenge to 2019 production, says SKK Migas
KONTAN.CO.ID - JAKARTA. Indonesia is finding it challenging to reach this year's oil and gas lifting target, as the oil depletion rate – or "natural decline" – was higher than projected, the Upstream Oil and Gas Regulatory Special Task Force (SKK Migas) has said on Wednesday. Crude oil production in the first quarter fulfilled 89 percent of the targeted daily average of 1.8 million barrels of oil equivalent per day (boepd). Recent SKK Migas data shows that average crude oil lifting during the first quarter was 749,600 barrels of oil per day (bopd), while gas lifting was 5.9 billion metric standard cubic feet per day (mscfd).