Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Indonesian Oil and Gas Investment May Increase by One-Fifth

change text size
Indonesian Oil and Gas Investment May Increase by One-Fifth

JAKARTA - Oil and gas investment may rise by a fifth to $26.2 billion in 2013 from the $21.9 billion commitment last year, a government agency said Tuesday.

SKMigas, a temporary unit of the Ministry of Energy and Mineral Resources which oversees the upstream oil and gas sector, said in a statement it has approved contractors' plan to explore 75 oil and gas wells and 82 sources for coal bed methane.

Indonesia left the Organization of Petroleum Exporting Countries in 2008 after becoming a net oil importer earlier in the decade. Output peaked at 1.6 million barrels a day in 1965 and again in 1976, and a lack of investment has seen the ratio of oil exploited to oil discovered fall below 100%.

Finance Minister Agus Martowardojo yesterday said that oil output averaged 865,000 bbl/day in 2012, below a government target of 930,000 bbl/day. The government also missed its target in 2011, producing 898,000 bbl/day, well below its 945,000 bbl/day target.

The government targets oil production of 900,000 bbl/day for this year, although analysts doubt such a target could be met.
 

 

Copyright (c) 2012 Dow Jones & Company, Inc.

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Most Popular Articles
From the Career Center
Jobs that may interest you
Product Manager - Production Chemicals
Expertise: Project Management, Sales and Marketing
Location: Houston, TX
 
Regulatory & Compliance Director
Expertise: Regulatory Compliance
Location: Houston, TX
 
Senior Division Order Supervisor
Expertise: Accounting or Finance
Location: Houston, TX
 
search for more jobs