APSN Banner

Govt reveals plan to increase oil reserve to increase supply

Tempo - February 10, 2023

Riri Rahayu, Jakarta – The Minister of Energy and Mineral Resources Arifin Tasrif said that Indonesia's oil reserve is expected to only last between 9 to 10 years.

"If we don't have new [reserves] but the amount of consumption remains as it is, reserves will only last between 9 to 10 years. However, we also have 6 to 7 new potential areas that can be developed," said Arifin at the ESDM Ministry on Friday, February 10, 2023.

Arifin said that this new potential would be optimized to pursue a production goal of one million barrels per day in 2030. Currently, the government is hoping for additional production from drilling wells in the Rokan and Cepu Blocks.

The short-term strategy, according to the Ministry of Energy and Mineral Resources website, is by optimizing the Banyu Urip Field through the drilling of 5 infill carbonate wells and 2 clastic wells and expected to produce its first oil in 2028 with an estimated additional reserve of 125 MMBO.

Source: https://en.tempo.co/read/1689995/govt-reveals-plan-to-increase-oil-reserve-to-increase-suppl