JAKARTA (rambuenergy.com) – The falling oil price has forced oil and gas companies to scale down their exploration activities. Gunawan Sutadiwirja, deputy head for business planning control of the Special Task Force for Upstream Oil and Gas (SKK Migas) said oil and gas companies have revised their annual Work Budget & Plan (WP &B) for 2015.
Based on the preliminary report, the production sharing contracts has postponed the planned drilling in 200 wells, consisting of 176 development wells and 20 exploration wells.
He said the scale-down of exploration activities will result in a reduction of investment in exploration activities.
The oil production target of 825,000 barrels per day, however, is expected to be still achieved. He even predicted that the production could reach slightly higher at 828,000 bpd supported by a rise of production of Cepu Block. (*)