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View all search resultsDeputy Energy and Mineral Resources Minister Arcandra Tahar has said that Indonesia needs to intensify exploration for new oil fields, because the country’s proven oil reserves will only support about 12 years of exploitation.
PT Sarana GSS Trembul, a joint venture between Singapore-based oil and gas company GSS Energy and Central Java province-owned PT Sarana Pembangunan Jawa Tengah, will start drilling activities at two oil wells in Trembul in August.
The low oil price has had a double impact on the oil and gas industry, with industry contractors (K3S) now relying on foreign loans to finance oil exploration as domestic bank loans become increasingly inaccessible amid gloomy market conditions.
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