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Prabowo’s plan to boost oil and gas production faces major hurdles

Prabowo aims to limit Indonesia’s dependence on imported fuel by offering dozens of new oil and gas blocks to investors in the coming years.

Divya Karyza (The Jakarta Post)
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Jakarta
Mon, January 6, 2025

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Prabowo’s plan to boost oil and gas production faces major hurdles Water world: The Pertamina Hulu Energi (PHE) Offshore North West Java (ONWJ) oil and gas rig in the waters off Indramayu, West Java, is pictured on April 2, 2023. (Antara/Aditya Pradana Putra)

P

resident Prabowo Subianto has vowed to boost oil and gas production in the country as part of his self-sufficiency drive, but experts and businesses foresee big impediments to achieving that goal.

Prabowo, who was sworn in on Oct. 20, 2024, aims to limit Indonesia’s dependence on imported fuel by offering dozens of new oil and gas blocks to investors in the coming years.

His administration also plans to reactivate idle oil wells across the country to reduce costly oil shipments from overseas, according to the Energy and Mineral Resources Ministry.

“We are pushing for even more oil and gas exploration as well as for other minerals. Ladies and gentlemen, Indonesia is open for business,” Prabowo told an audience at the Asia-Pacific Economic Cooperation (APEC) Summit in Lima on Nov. 14.

 Read also: Jokowi urges measures to stop declining oil production

Indonesia’s ready-to-sell oil production, also called lifting, has declined every year since the 1980s, when it exceeded 1 million barrels of oil per day (bopd), partly because of aging oil wells and a lack of new discoveries. The government hopes to bring back that peak performance by the end of 2030.

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But the country lifted just 571,700 bopd this year as of November, down from 779,000 bopd in 2015, according to data from the Finance Ministry and Energy and Mineral Resources Ministry.

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