Indonesia Vows to Achieve Million-Barrel Oil Production Goal

The government remains confident in increasing long-term national oil and gas production as collaborations are formed with relevant stakeholders to expedite massive and intensive explorations and other field activities.

Ibeth Nurbaiti

21 Sep 2023 - 20.14
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Indonesia Vows to Achieve Million-Barrel Oil Production Goal

A description of the atmosphere in one of the oil and gas working areas. Even though it continues to decline, in the long term the government still has high confidence that it can increase national oil and gas production./Bisnis-Doc. SKK Migas

Bisnis, JAKARTA — The government is seemingly putting all its eggs in one basket regarding oil and gas investments.

Moreover, the government is still shouldering the heavy ambition of producing 1 million barrels of crude oil per day (bpd) and 12 billion standard cubic feet of natural gas per day (Bscfd) by 2030.

With the continued lack of investment for exploration activities compared to other upstream activities, the ambitious target may only be a dream if the government promptly expedites transformation in the upstream sector.

On top of that, there have been no significant discoveries of giant oil and gas fields to bolster existing reserves. Several massive offshore oil and gas field development projects, such as Indonesia Deepwater Development (IDD) in the Kutai Basin, East Kalimantan, and Masela Block in the Arafura Sea, Maluku, are still in progress.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.