Indonesia to drill 900 development wells throughout 2022

Jakarta (Indonesia Window) – Indonesia’s Special Task Force for Upstream Oil and Gas Business Activities is committed to overseeing the drilling of 900 development wells throughout 2022.

The task forces’ deputy operation Julius Wiratno said that the number of development well drilling this year increased significantly compared to that in last year’s target.

“We have drawn up a plan and strategy for Indonesia Oil and Gas 4.0 to achieve the oil and gas production target of 1 million barrels and 12 BSCFD (standard cubic feet per day) by 2030,” he said in a statement received here on Sunday (Jan. 2).

Julius explained that the COVID-19 pandemic had forced the task force to change its strategy and adapt to the evolving situation.

According to him, the increase in world oil prices over the past year and an expectation to remain at high prices this year, have raised business players’ optimism in the upstream oil and gas industry.

“This is their momentum to increase investment in upstream oil and gas, one of which is increasing investment in the development well drilling,” Julius said.

A total of 900 development wells for this year came from work, program and budget (WPnB) discussions, additional agreements, and filling the gap programs.

The WPnB produced 800 development wells, and a 100 potential development wells from the Full Tensor Gravity Gradiometry (FTG) survey.

“We are committed that 2022 is a turning point for the national oil and gas production to increase in a sustainable manner until 2023,” Julius said.

The task force and contractors plan to meet the target of the drilling of 900 wells earlier than 2024 to 2022. This step also carries over several drilling wells that could not be realized during the 2020-2021 period due to the COVID-19 pandemic.

“We are optimistic that the national oil and gas production and lifting targets this year can be achieved. Hopefully we can turn over declining oil and gas production to increasing sustainably until the target is achieved by 2030,” Julius said.

Reporting by Indonesia Window