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With the signing of Memorandum of Understanding (MoU) between PT Humpuss and Petco Trading Labuan Company Limited (PTLCL), a subsidiary of Petronas, Indonesia will receive an additional supply of 300,000 barrels of oil per month from Malaysia starting in the third quarter of next year.
“The signing of this MoU is a breath of fresh air amidst the natural decline in oil production that continues to occur from year to year in various countries, including Indonesia,” said PT Humpuss Executive Director Andi Alifwansyah in a written statement, Tuesday (17/9).
As is known, the Indonesian government in the 2024 State Budget (APBN) is targeting production results (lifting) oil of 635,000 barrels per day. Meanwhile, for next year, oil and gas lifting is targeted at 580,000 to 601,000 barrels per day.
In the future, petroleum types light crude will be processed in refinery owned by PT Humpuss in Cepu, Central Java, which has a capacity of 10,000 barrels per day.
“This will be produced from petroleum gasoline ron 95 and Ron 92 of 2,200 barrels per day, dexlite and dex solar 5,000 barrels per day, and fuel oil 2,000 barrels per day,” he explained.
Even though it was built at the end of 2000, Andi said that the oil refinery owned by PT Humpuss has never been in production due to the difficulty in obtaining supplies of raw materials in the form of light crude low sulfur. Thus, he considered that the cooperation with the Petronas subsidiary was the right step to take.
“The Indonesian government anticipates the impact of the increasingly severe decline in oil production by encouraging Joint Working Contractors (KKKS) to drill wells, both development wells and new wells,” he said. (Z-11)
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How will Indonesia’s partnership with Petronas affect its oil production capacity?
Table of Contents
Indonesia Secures Additional 300,000 Barrels of Oil Per Month from Petronas
The Indonesian government has recently made a significant stride in bolstering its oil supply, thanks to a Memorandum of Understanding (MoU) signed between PT Humpuss and Petco Trading Labuan Company Limited (PTLCL), a subsidiary of Petronas, Malaysia’s national oil company. This partnership is expected to provide an additional 300,000 barrels of oil per month to Indonesia, starting from the third quarter of 2024.
A Much-Needed Boost to Indonesia’s Oil Production
The signing of this MoU comes as a welcome development amidst the natural decline in oil production that has been observed in various countries, including Indonesia. According to PT Humpuss Executive Director Andi Alifwansyah, “The signing of this MoU is a breath of fresh air amidst the natural decline in oil production that continues to occur from year to year in various countries, including Indonesia.”
Indonesia’s oil production has been struggling to meet its targets in recent years. The 2024 State Budget (APBN) has set a target of 635,000 barrels of oil per day, while the projected oil and gas lifting for next year is expected to be between 580,000 to 601,000 barrels per day.
Processing Capacity to Increase
The additional oil supply from Petronas will be processed at PT Humpuss’ refinery in Cepu, Central Java, which has a capacity of 10,000 barrels per day. The refinery will produce various petroleum products, including:
Gasoline RON 95 and RON 92: 2,200 barrels per day
Dexlite and Dex Solar: 5,000 barrels per day
Fuel Oil: 2,000 barrels per day
Boosting Energy Security
This development is significant for Indonesia’s energy security, as it will help reduce the country’s dependence on imported oil. The additional supply of oil will also support the country’s economic growth and development.
A Step Forward in Regional Cooperation
The partnership between PT Humpuss and Petronas is a testament to the growing regional cooperation in the energy sector. The two companies have demonstrated their commitment to working together to address the energy needs of the region.
Conclusion
The MoU between PT Humpuss and Petronas is a positive step forward for Indonesia’s energy sector. The additional supply of oil from Malaysia will help boost Indonesia’s oil production and reduce its dependence on imported oil. This partnership is a shining example of regional cooperation in the energy sector and demonstrates the commitment of both countries to addressing the energy needs of the region.
Keywords: Indonesia, oil supply, Petronas, PT Humpuss, Memorandum of Understanding, energy security, regional cooperation, oil production.
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Figure caption: “Signing of the Memorandum of Understanding (MoU) between PT Humpuss and Petco Trading Labuan Company Limited (PTLCL), a subsidiary of Petronas.”
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How Will Indonesia’s Partnership with Petronas Affect Its Oil Production Capacity?
Indonesia Secures Additional 300,000 Barrels of Oil Per Month from Petronas
The Indonesian government has recently made a significant stride in bolstering its oil supply, thanks to a Memorandum of Understanding (MoU) signed between PT Humpuss and Petco Trading Labuan Company Limited (PTLCL), a subsidiary of Petronas, Malaysia’s national oil company. This partnership is expected to provide an additional 300,000 barrels of oil per month to Indonesia, starting