The Special Unit for Upstream Oil and Gas Business Activities (SKK Migas) views that Indonesia still has great opportunities in the oil and gas business because it has many basins, both offshore and onshore, covering an area of more than 460 thousand square kilometers. SKK Migas Deputy Operations Julius Wiratno said there are 128 basins owned by Indonesia, but only 20 are producing basins. "This can give an idea that there are still opportunities in Indonesia's oil and gas from west to east in the form of offshores and onshores," said Julius in an online discussion entitled 'Upstream Oil and Gas Investment in Facing the Global Situation and World Oil Prices' which was monitored in Jakarta, Wednesday.

As of March 31, 2022, SKK Migas recorded 172 contract areas, 95 production contract areas, and 77 exploration contract areas (including two work areas awaiting government policy and 26 work areas in the process of termination). Julius said that currently there are basins that have been drilled and hydrocarbons have been found, but have not been commercialized. This is challenging because there is a term “undeveloped discovery” that must be cooperated by investors and the government. The potential for many oil and gas basins has not been detailed because it still requires studies, seismic, and other research. "This is the fact that we are not selling goods, but this is the data we have today," said Julius. He is also optimistic that oil and gas will not run out in the near future because these commodities are always found and there is still a lot of unexploited potential.

Source: https://m.antaranews.com/berita/2818809/indonesia-masih-have-peluang-besar-di-bisnis-migas