June 11, 2020 / 4:24 AM / a month ago

Indonesia Jan-May oil and gas lifting dips as investment hit -SKK Migas

JAKARTA, June 11 (Reuters) -

* Indonesia’s upstream oil and gas regulator SKK Migas said in a statement on Thursday that the country’s oil and gas lifting in January to May stood at 701,000 barrels per day (bpd) and 5,658 million cubic feet per day (mmcfd), respectively.

* This is lower than oil and gas lifting in the January to March period, which stood at 701,600 bpd and 5,866 mmcfd.

* SKK Migas also lowered this year’s crude oil lifting target to 705,000 bpd from 755,000 bpd.

* Head of SKK Migas, Dwi Soetjipto, said in the statement that lower oil and liquefied natural gas prices and the COVID-19 pandemic had impacted investment in the upstream oil and gas sector.

* “The investment was initially targeted at $13.8 billion, but based on the current situation, that drop to a maximum of $11.8 billion,” Soetjipto said. (Reporting by Wilda Asmarini; Writing by Fathin Ungku; Editing by Ed Davies)

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