Indonesia’s oil reserves to run out in next 9.5 years

Jakarta (Indonesia Window) – Indonesia’s oil reserves would be available only for the next 9.5 years, and gas reserves were expected to run out within the next 19.9 years, Minister of Energy and Mineral Resources Arifin Tasrif has said.

“The oil reserves are estimated to be depleted by 9.5 years and gas reserves would be exhausted for around 19.9 years,” the minister told a working meeting with the House of Representatives here on Tuesday (Jan. 19).

According to him, the estimate was made with an assumption there are no new reserve discoveries and the level of oil production is at 700,000 bopd (barrels oil per day) and that of gas is six bscfd (billion standard cubic feet per day).

The minister pointed out that the national oil reserves are 4.17 billion barrels with proven reserves of 2.44 billion barrels, and gas reserves reach 62.4 trillion cubic feet with proven reserves of 43.6 trillion cubic feet.

The Ministry of Energy and Mineral Resources has set a target of oil and gas lifting for 2021 amounting to 705 mbopd (millions of barrels of oil per day) and gas lifting of 1007 mbopd, making the total oil and gas lifting 1,712 mbopd.

Meanwhile, Indonesia’s oil and gas investment in 2021 is targeted at 17.59 billion U.S. dollars, with the upstream sector’s contribution of 12.38 billion U.S. dollars, and that of the downstream sector of 5.2 billion U.S. dollars.

Reporting by Indonesia Window