Indonesia’s Oil Reserves to Last 9.5 Years and Gas 19,9 Years, Says Energy Minister

MINISTRY OF ENERGY AND MINERAL RESOURCES

PRESS RELEASE

NUMBER: 028.Pers/04/SJI/2021

Date: 19 January 2021

Indonesia's Oil Reserves to Last 9.5 Years and Gas 19,9 Years, Says Energy Minister

Indonesian Minister of Energy and Mineral Resources (EMR) Arifin Tasrif has said that the country's oil reserves will last for the next 9.5 years, while natural gas reserves 19.9 years.

"This is assuming that there is no new discovery and that production level remains at 700,000 barrels oil per day (bopd) while gas production 6 billion standard cubic feet per day (bscfd)," said Arifin in a work meeting with Commission VII of Indonesian House of Representatives (DPR RI) in Jakarta on Tuesday (19/1).

Arifin said that reserves calculation had been based on the 2020 reserves data.

According to Arifin, Indonesia's oil reserves are 4.17 billion barrels, consisting of 2.44 billion barrels of proven reserves and 2.44 billion barrels unproven.

"We have 62.4 trillion cubic feet of natural gas reserves, with 43.6 trilliun cubic feet are proven," Minister Arifin continued.

For 2021, the Ministry of EMR has set the target of lifting (ready-to-sell) of oil and gas of 1,712 Million Barrel Oil Per Day (MBOPD), consisting of oil lifting 705 MBOPD and gas lifting 1,007 MBOPD.

One of the ways explored by the Indonesian Government to maintain oil and gas reserves life is to add exploration activities. In 2020, the Ministry of EMR made 28,349.83 km of 2D seismic surveys (including the 2D seismic in Jambi Merang Open Area of 25,150 km), 1,250,97 km of 3D seismic surveys, 22 exploration drilling, as well as issued 8 approvals for Participating Interest (PI) transfer during exploration phase. (IY)

Head of Bureau of Communication, Public Information Services, and Cooperation

Agung Pribadi (08112213555)

Share This!