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The firm aims to boost oil and gas production to 416,000 barrels per day (bpd) and 2,536 million standard cubic feet per day (mmscfd) in 2025, respectively, from 400,000 bpd and 2,454 mmscfd recorded last year.
The country’s newest sovereign wealth fund will prioritize the use of natural gas to support the country’s downstream industries and as a transition energy on the way toward cleaner power, according to the energy ministry.
CERAWeek conference is set to be dominated by talk of Trump's tariffs, sanctions and aggressive drive to end the war in Ukraine, which have together created turmoil in financial markets and clouded the outlook for the global economy and energy prices.
Public trust in the government continues to diminish after a Rp 193.7 trillion (US$11 billion) graft case involving subsidiaries of state-owned oil and gas holding company Pertamina sparked national outcry. Among the nine suspects in the case is Kerry Adrianto Riza, the 38-year-old son of politically connected oil tycoon Muhammad Riza Chalid.
Russian Ambassador to Indonesia Sergei Gennadievich Tolchenov reasserted the country's readiness to advance energy cooperation with Indonesia, including through investments in and trade of oil and gas as well as assisting in building nuclear power plants.
Boston Consulting Group estimates that Indonesia's upstream energy sector could achieve substantial cost savings of up to 30 percent, or approximately US$2 billion, through comprehensive performance improvement measures, while maintaining or even enhancing production, asset integrity and HSE performance.
President Prabowo Subianto has vowed to crack down on mafia-like practices in the oil and gas industry, after an ongoing probe named nine executives as suspects in a case on fraudulent crude oil and fuel trading, estimated to have incurred state losses of Rp 193.7 trillion (US$12 billion) between 2018 and 2023. The outcome of this case will be a test of Prabowo’s commitment to fighting corruption in the energy sector, especially as to whether the investigation extends to high-profile figures who might have profited from the illegal activity.
The President has vowed to crack down on corruption in the oil and gas industry after the AGO detained several executives, including the president director of a Pertamina subsidiary, as suspects in an ongoing case pertaining to fuel imports.
Pertamina Hulu Energi (PHE), the upstream unit of state-owned oil and gas giant Pertamina, is mulling over a plan to operate an oil and gas block in Suriname, a country located on the northern coast of South America.
The energy minister says the government is thinking of pulling the operating permits of oil and gas companies with idle projects to accelerate domestic output by 2030 as part of a broader strategy to reduce the country's reliance on costly imports.
