Indonesia’s Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) will strive to achieve oil lifting production in 2024 so as not to be less than 600,000 BOPD amid challenges at the beginning of the year.
Indonesia lifts oil exploitation (Photo: reuters.com)
Jakarta (VNA) – Indonesia’s Special Task Force for Upstream Oiland Gas Business Activities (SKK Migas) will strive to achieve oil liftingproduction in 2024 so as not to be less than 600,000 BOPD amid challenges atthe beginning of the year.
🀅 In 2023, SKK Migas recorded an oil lifting realisation of605,500 BOPD. This number is down from the 2022 realisation of 612,300 BOPD andis still below the 2023 state budget target of 660,000 BOPD.
The head ofSKK Migas, Dwi Soetjipto, said that it has to face many obstacles,including extreme weather conditions, safety stand down that occurredthroughout Pertamina's territory for four months resulting in a reduction inproduction of about 3,000 BOPD, drilling that did not meet targets, rig availability,financial, lack of gas infrastructure integration, and overlap withconservation forest areas.
Executive Director of the Reforminer Institute KomaidiNotonegoro said the main problem of unachieved oil production targets isbecause the existing fields are old in pattern or trend and are in a continuouslydeclining condition. He noted that it is necessary to find new reserves.
According to Komaidi, the main problem now is that theoil business system in Indonesia uses a contract system, where at theexploration stage when oil and gas reserves have not been found, 100% of therisk is attached to contractors.
In addition, with the geological conditions that aredifferent from the past where the reserves were more on land, now the reservesare more in the deep sea so the risk of problems is higher.
ᩚᩚᩚᩚᩚᩚᩚᩚᩚ𒀱ᩚᩚᩚ Komaidi acknowledged that these matters have caused explorationactivities not massive and the reserves found are also not significant. Thedecrease in production is greater than the new reserves./.
The Indonesian government is firm on its stance that future Jakarta governors should be elected by Jakarta residents instead of being appointed by the central government, Home Affairs Minister Tito Karnavian has said.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
Indonesia lifts oil exploitation (Photo: reuters.com) 
