2014-11-04: WRTG: NYMEX Light Sweet Crude: $80.54 (-0.58)
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Sabtu, 22 November 2014

Berita

OIL AND GAS

BP Migas: Oil and Gas Exploration Funds Still Lacking

JAKARTA. The head of BP Migas, R. Priyono has stated that oil and gas exploration funds are still lacking.  Only 15% of funds are allocated by contractors (KKKS) for exploration, far lower than those for general administration.  This budget must be increased in order to explore new gas in order to find new reserves, both in existing or new fields.

This was stated during the BPMIGAS – KKKS Forum for Exploration and Production (EP Forum) 2010, held in Nusa Dua, Bali.  This event is a communications forum between BPMIGAS, contractors, and related agencies which is aimed at finding new concepts of exploration and production, and seeking the government’s support to reach a production target of 1 million barrels.

This lack of funding for exploration was also acknowledged by the BPMIGAS Deputy for Planning, Haposan Napitupulu.  “We should focus our attention on this exploration funding issue, which must be increased between 15% - 25% out of the total budget.  We must continue to find new exploration strategies.  Indonesian exploration success ratio remains at a relatively high 40% - 50%, with an economic success ratio of 30%.  We must not waste this opportunity due to low funding allocations” explains Haposan.

The EP Forum was officially opened by the Head of BPIGAS, R. Priyono on Wednesday (24/3) and will continue until March 27.  This year’s, themed “Synergy and Optimization to Reach 2010 – 2015 production target”, consists of panel discussions and commission meetings, of which there are four commissions in total.
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