Indonesia to increase crude oil production, developing shale oil
The Indonesian government recently announced its plan to increase crude oil production in the country to 1 mil b/d by 2030. The government said that it was considering to develop shale oil to achieve this target. The Indonesian government announced in January that estimated reserves in the country could last 9.5 years for crude oil and about 20 years for natural gas. This was calculated on the assumption that crude oil production is at 700,000b/d and natural oil production is at 6 bil cubic feet per day and new oil and gas fields would not be found. It is not clear how the reserves will be reviewed along with the rise in the target for crude oil production. Apart from this, the government set a target for investment in oil and gas projects in 2021 at 12.4 bil US dollars in the upstream sector and 5.2 bil US dollars in the downstream sector.