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.
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.
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.
Share your experiences, suggestions, and any issues you've encountered on The Jakarta Post. We're here to listen.
Thank you for sharing your thoughts. We appreciate your feedback.
Quickly share this news with your network—keep everyone informed with just a single click!
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
Get the best experience—faster access, exclusive features, and a seamless way to stay updated.