The Minister of Investment/Head of the Investment Coordinating Board (BKPM) has stated that upstream oil and gas investments play a pivotal role in boosting regional economies. One of the drivers of regional economies is investments in upstream oil and gas, and we can demonstrate this through our investment target for 2023, which now stands at IDR 1,400 trillion in the first semester. This is one of the significant goals set by the President because he aims to establish high-quality investments, and one characteristic of high-quality investments is equitable distribution. The Minister mentioned that President Joko Widodo (Jokowi) has instructed the Ministry of Investment/BKPM to ensure that development is spread across all regions of Indonesia, not just limited to Java-centric development, but development that encompasses all regions of Indonesia, from Sumatra to the far reaches of Papua. It's a call to reaffirm that Indonesian development must be comprehensive, from Aceh to Papua. From the target investment of IDR 1,400 trillion, approximately USD 17 billion is earmarked for upstream oil and gas investments.
The investment realisation has already achieved around 48.5%, and for upstream oil and gas investments in 2023, we've reached USD 5.7 billion in the first semester, a 21% growth compared to the same period in 2022. This is deemed necessary as the current production of crude oil remains below the target set in the 2023 State Budget, which stands at 660 thousand barrels per day (bpd).
