Total upstream oil and gas (oil and gas) investment in Indonesia in 2023 will reach 13.7 billion US dollars or the equivalent of IDR 212.87 trillion. This amount increased 13 percent from the previous year’s realization, higher than the long term plan ( LTP), and above the Global E&P investment trend.
” God willing, in 2024 our target is 17.7 billion US dollars. So, there will be a significant increase. “Hopefully everything will go well,” said Head of the Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) Dwi Soetjipto in a press conference at the beginning of the year at the SKK Migas Office, Friday (12/1/2024).
Looking at last year’s achievements, Dwi feels quite optimistic that the world is interested in Indonesia, especially in investing in the oil and gas sector. He then said that cost recovery was still under control so far, the total was 7.7 billion US dollars or the equivalent of IDR 119.64 trillion.
Cost recovery includes production costs, investment credit , unrecovered costs — costs that cannot be recovered in previous years, exploration and development , administration , and depreciation .