Indonesia offers investors dozens of its oil and gas fields

MOSCOW, 21 Sep — PRIME. Indonesian Minister of Energy and Mineral Resources Arifin Tasrif said Wednesday that there are 70 potential oil and gas basins in the country that are currently unexplored and require investment, according to CNBC news portal.

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“The potential for investment in the exploration and production of oil and gas in Indonesia is still very large. We have 70 unexplored basins that will be proposed in the second round of investment,” Tasrif told reporters. He added that the Energy Department has set a goal of producing 1 million barrels of oil per day and 12 billion cubic feet per day of gas by 2030.

In recent months, the Indonesian government has taken steps to encourage investment in the oil and gas sector. This is due to a large-scale fuel crisis in the country – the demand for oil exceeds supply. Now the consumption of oil products in Indonesia is 1.4-1.5 million barrels per day. Domestic production is about 0.6 million barrels per day. Indonesia is trying to compensate for the difference of 0.8-0.9 million barrels with oil imports, but the global increase in prices for the resource puts the government in a difficult position.

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Last week, Minister Tasrif said that in the face of a severe fuel crisis in Indonesia, the country is ready to buy oil from any country that offers a low price. When asked by the media about the stage at which the process of the previously announced purchase of Russian oil is, the minister said that due to the high demand for Russian oil, it is now “out of stock.”