Jakarta: The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) is confident that the upstream oil and gas sector can attract US$14.79 billion worth of investments this year.
"The sector attracted US$11.99 billion in 2018. The initial target was US$14.2 billion," SKK Migas chairman Dwi Soetjipto told reporters on Wednesday.
"Last year's investment realization rate was below 100 percent. We faced a lot of challenges last year," the former Pertamina president director added.
According to the Central Statistics Agency (BPS), Indonesia recorded a trade deficit of US$8.57 billion in 2018. The large deficit was mainly contributed by the oil and gas sector.
"In 2017, the non-oil and gas trade surplus can still compensate the oil and gas trade deficit," Coordinating Minister for Economic Affairs Darmin Nasution told reporters this week
In 2018, the non-oil and gas trade surplus cannot compensate the oil and gas trade deficit anymore," he added.
According to the same report, Indonesian exports reached US$180.06 billion in 2018. The number increased by 6.65 percent compared to 2017.
In the meantime, Indonesian non-oil and gas exports reached US$162.65 billion last year. The number increased by 6.25 percent compared to the previous year.