Jakarta — SKK Migas Secretary, Arief Setiawan Handoko, opened the 73th trading day at Indonesia Stock Exchange in 2018, Monday (16/4). In the same occasion, Arief also delivered a key note speech on current condition of upstream oil and gas industry.

“The most important activity to perform at this present time is exploration to discover new petroleum reserves which will support the need of national primary energy,” Arief revealed.

Until early 2018, it is identified that under the earth’s surface and water of Indonesia, there 128 basins that have the potential to contain hydrocarbon. This hydrocarbon content is the natural richness in the form of oil and gas. From all of those basins, there are 74 basins that have not been explored by any means. Therefore, both onshore and offshore massive explorations are required to identify such hydrocarbon content to eventually discover new oil and gas reserves.

This exploration activities are in need of support from all parties in particular to ease the permits and licenses, to smooth out the land acquisition, to minimize the levies, and to facilitate the settlement of social aspect if occur.

Arief said that encouragement for exploration is also expected to gain from the financial sector. “The increasing oil price will improve the economy in upstream oil and gas industry and grow an optimistic investment in upstream oil and gas sector,” Arief concluded. (AAP)