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oil-production

Markets 1 year ago

PREMIUM
Indonesia to build oil storage facility near Singapore

The energy minister says the government is looking at building an oil storage facility on an island near Singapore, from which the country imports 60 percent of its fuel, to shore up strategic reserves amid declining output.

Regulations 1 year ago

PREMIUM
Luhut to lead task force to increase offshore oil and gas projects

Coordinating Maritime Affairs and Investment Minister Luhut Binsar Pandjaitan will lead a task force aimed at improving the investment climate in the upstream oil and gas sector.

Economy 1 year ago

OPEC+ seen prolonging oil cuts into 2025, two sources say

OPEC+ will likely agree on Sunday to prolong its deep oil output cuts into 2024 and possibly 2025, two OPEC+ sources said as the group seeks to shore up the market amid tepid global demand growth, high interest rates and rising rival US production.

Economy 1 year ago

PREMIUM
Rig dearth aggravates RI’s declining oil, gas production

Pertamina EP, the exploration and production arm of state-owned oil and gas giant Pertamina, blamed a dearth of oil rigs for hampering efforts to achieve the 1 million barrels of oil per day (bopd) target.

Economy 2 years ago

PREMIUM
Mideast escalation could hurt Indonesia's economy

Brent crude has risen since violence broke out in Israel and Gaza but could surge far past $100 in case of further escalation.

Economy 2 years ago

Saudi extends oil cut of 1 million barrels per day

The cut which first took effect for July will continue in August and "can be extended", the official Saudi Press Agency (SPA) reported, citing an energy ministry source.

Markets 2 years ago

OPEC+ weighs fresh output cuts to boost oil price

Major oil producers led by Saudi Arabia and Russia met Sunday to discuss slashing output further in a bid to prop up prices, talks that are seen as tough amid tensions between Riyadh and Moscow.

Markets 2 years ago

Oil prices soar after output cut

Oil prices soared almost six percent in Asian trade Monday morning after major producers led by Saudi Arabia announced a surprise cut of more than 1 million barrels per day.

Companies 3 years ago

PREMIUM
Energy ministry inks cost-recovery PSCs for two blocks

The Upstream Oil and Gas Regulatory Task Force (SKK Migas) has signed production-sharing contracts (PSC) worth US$49.1 million for two oil and gas blocks under the cost-recovery scheme.

Markets 3 years ago

Asian shares rise, oil extends gains after OPEC+ deal

Asian shares were cautiously higher on Thursday, while the dollar eased ahead of US non-farm payrolls data, and oil prices gained for a fourth day after deep production cuts pledged by OPEC+ members.

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