On July 21, 2023, PT Eni North Ganal Ltd, in collaboration with SKK Migas, conducted the drilling of the exploration well Geng North-1. This deep-water drilling exploration well, located in the Kutai Basin offshore, about 60 kilometers east of Kalimantan's coast and 130 kilometers from Bontang facility, reached a depth of 1,952 meters below sea level. This drilling effort is part of SKK Migas and KKKS's commitment to discovering new oil and gas reserves to meet the national energy needs. The exploration program aims to drill 57 exploration wells in 2023, showing optimism in the oil and gas industry's potential and contributing to the long-term target of producing 1 million barrels of oil per day and 12 billion cubic feet of gas per day by 2030.
As of the first semester, 11 exploration wells have been drilled, with six of them yielding discoveries amounting to more than 216 MMBOE (Million Barrels of Oil Equivalent). The successful Geng North-1 exploration well indicates the industry's positive outlook on the potential of offshore oil and gas reserves, especially in deep waters. The optimistic drilling program is an essential step to support the achievement of Indonesia's long-term energy production targets. As of the first semester of 2023, the investment in the upstream oil and gas sector reached USD 5.7 billion, showing a 21.3% increase compared to the previous year. However, it remains below the target set at USD 7.4 billion for the first semester. The target for oil and gas investment until the end of the year is set at USD 15.5 billion, an increase of 28% compared to the 2022 realization. As of the first semester of 2023, the realized investment in the upstream sector has reached 36.7% of the year's target.
