Oil, Gas Reserves Found in 2018 Higher than Target: Official

The government claimed on Monday that it had managed to find more oil and gas reserves in 2018, expanding the reserve-replacement ratio (RRR) to 105 percent as of December last year, 5 percent higher than the target of 100 percent.

Energy and Mineral Resources Ministry oil and gas director general Djoko Siswanto said the achievement was a result of the approval of the plans of development (PoDs) for five new oil and gas fields throughout last year.

“Four out of the five PoDs are under a cost recovery scheme and the last one is under gross split,” he said in a statement received on Monday.

The five PoDs are North West Kenanga field in Batanghari Block, Karamba field in Wain Block, Asap field in Wain Block, Sinarmar field in South West Bukit Barisan Block and Merakes field in East Sepinggan Block.

The ministry recorded that the five PoDs had reserves of 542 million barrels of oil (mmbo) and 555 billion standard cubic feet (bscf) of gas.

The country’s total oil reserves and condensate as of December stood at 7.51 billion barrels of oil and 135.55 trillion standard cubic feet of gas (tscf) for natural gas.

Source: The Jakarta Post

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