Jakarta: Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) head DWi Soetjipto has announced that Indonesia's ready-to-sell oil and gas production stood at 1.8 million barrels of oil equivalent per day (boepd) in the first half of 2019.
According to Dwi, it was still below the government target. In the 2019 state budget, the ready-to-sell oil and gas production target was set at 2 million boepd.
"Amid volatile global economic conditions and rising global energy demand, adaptation of new technologies is needed to adress challenges during operation and expploration activities," Dwi said in a press statement released on Tuesday.
Indonesia’s trade balance recorded a USD0.21 billion surplus in May 2019, reversing the USD2.28 billion deficit posted the month earlier. A non-oil and gas trade surplus together with a narrower oil and gas trade deficit were the main contributors to the surplus.
The non-oil and gas trade surplus stemmed from a growth surge of non-oil and gas exports coupled with flatter non-oil and gas imports. Meanwhile, the oil and gas trade deficit narrowed on increasing oil and gas exports along with decreasing oil and gas imports.
The non-oil and gas trade surplus stood at USD1.19 billion in May 2019 after recording a USD0.79 billion deficit the month earlier. On one hand, the improvement was driven by an increase of non-oil and gas exports from USD12.37 billion in April 2019 to USD13.63 billion in the reporting period, induced by shipments of vegetable/animal oils and fats, jewellery/gems, as well as mineral fuels. On the other hand, non-oil and gas imports fell USD0.72 billion (mtm) to USD12.44 in May 2019, primarily held back by imports of electrical machinery and equipment, iron and steel as well as machinery and mechanical appliances.