Energy Minister: Oil Reserves Can Only Last Up to 10 Years

The Ministry of Energy and Mineral Resources has predicted that Indonesia's oil reserves will only last 10 years.

IDXChannel - The Ministry of Energy and Mineral Resources has predicted that Indonesia's oil reserves will only last 10 years. For this reason, the government is currently preparing a number of strategies to increase oil production in the country.

One of the things that has been done is to map six to seven potential new oil and gas areas that have good potentials. It is hoped that it can provide additional oil reserves amid the declining trend of oil and gas production in the country.

“If we don’t find new reserves, and with the current level of consumption, yes, it will only last nine to 10 years. But we still have six or 7 new potential areas that we can develop and improve,” said Minister of Energy and Mineral Resources Arifin Tasrif said.

The government has short-term, medium-term and long-term strategies in order to increase oil production to support the oil production target of one million barrels per day in 2030. 

The government’s long-term strategy will involve explorations in Seram area.

Watch our show IDXChannel Official YouTube: Market Headlines Program Monday (13/2/2023) with the theme Minister: Oil Reserves Can Only Last Up To 10 Years.

(WHY)