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Jakarta Post

Oil companies upbeat on production despite govt's bearish outlook

  • Norman Harsono

    The Jakarta Post

Jakarta   /   Mon, September 2, 2019   /  11:37 am
The Jakarta Post Image
An operator poses for a photograph at the offshore facility of the Southeast Sumatra (SES) Oil and Gas Block.(Courtesy of/Pertamina)

The Indonesian Petroleum Association (IPA) acknowledges that the past four years have been challenging for the oil industry but remains committed to boosting exploration activity next year, even with the government’s bearish outlook for the industry. “We see this as a push to prove that we need more oil and gas exploration. We have around 128 basins in Indonesia, according to experts, more than half of which are unexplored,” said IPA executive director Marjolijn “Meity” Wajong at a media gathering in Jakarta on Aug. 20. She said the association’s optimism was propped up by the rising number of successful auctions for oil and gas blocks in Indonesia over the past two years, which suggested that investor interest in the country was “beginning to be palpable.” Indonesia sold five oil and gas blocks in 2017 and nine the following year....