The image was taken from Wikimedia

The COVID-19 pandemic has further reduced the total investment in the oil and gas industry in the country, which has been declining for the last few years. The pandemic has also made the future of investment even more bleak, since there are no indications of when it will end. The uncertainty over the COVID-19 situation has compelled investors to withhold their money and assume a wait-and-see position. The upstream oil and gas regulatory agency SKK Migas revealed that, up until September 2020, total investment in the industry had only reached 63.33% of the total target set by the government. That percentage is equal to US$ 7.03 billion out of the target of US$ 11.1 billion. Previously, SKK Migas expected the total investment to reach US$ 13.83 billion. The agency had to reduce that target, following the faltering international oil prices and emergence of the COVID-19 pandemic. SKK Migas said that there are no plans to revise the present targets at present.

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