"It is possible that new technology could discover big new oil reserves," Arcandra said in a statement obtained here on Tuesday.
In addition, efficiency, transparency and accountability could be pillars for success in oil discovery, he added.
Another important factor to better guarantee success in exploration is capable human capital that could maintain the reserves and oil basins all over Indonesia, he said.
He said discovery of big new oil reserves would be a solution to growing shortfall in supply of oil fuel in the country.
The disparity between oil production and consumption is widening on fast growing requirement not followed proportionally with an increase in production.
"Giant discovery would be a reality if we begin to see the three factors (technology, efficiency and accountability and capable human capital)," he said.
Currently, the country`s BBM requirement is around 1.6 million barrels per day and it would be larger from year to year to follow the growing economy. Meanwhile, the country`s oil fuel production averages only 800,000 barrels per day that imports are need to cover the shortage.
Former Head of the Special Working Unit of Upstream Oil and Gas (SKK Migas) Amin Sunaryadi said,"Our oil and gas production is on a downtrend as most of the oil fields have been too old, meanwhile consumption is growing fast."
The country, therefore, need to have a giant discovery as the only solution to coping with the shortage in oil supply other than imports, Amin Sunaryadi said.
Massive explorations would be needed in all areas potential to have oil and gas reserves in order to have giant discovery, he said.
In addition to allocating budget for increase in oil production from the state budget, the government has also been committed to spending US$2 billion for oil explorations for the next 10 years, Amin said.
Earlier head of SKK Migas Dwi Sutjipto said he would involve many investors in oil explorations hoping to result in giant oil discovery.
Reporting by Afut Syafril Nursyirwan, A Saragih