Energy and Mineral Resources Minister Arifin Tasrif shared the optimism by affirming that 68 of the 128 basins in Indonesia had untapped oil and gas reserve potential.
"We have a long-term program to realize the production target, our lifting target. We have targeted oil production at one million barrels per day by 2030," Tasrif noted in a statement here on Thursday.
The government is expected to have accurate oil and gas data in the subsequent few years to attract investors in the sector.
According to Tasrif, oil and gas lifting recorded a declining trend during the COVID-19 pandemic. Energy demand also declined in tandem with the economic slowdown.
"We have to take precautionary measures against likely rescheduling for the auction of 12 new working areas owing to declining business attraction and decreasing oil prices. Hence, we need some adjustment in investment," he stated.
The ministry's Upstream Oil and Gas Special Regulatory Task Force (SKK Migas) will strive continually to attain the oil lifting target by applying a massive and intensive exploration strategy, encouraging the application of enhanced oil recovery (EOR) methods in a mature field, and expediting monetization of main projects.
In realizing the target to boost oil and gas production, SKK Migas and oil and gas contractors remain committed to boosting exploration activities, including the Jambi Merang Definite Work Commitments (KKP) 2D marine seismic survey, the longest in Asia Pacific in the last decade.
The survey surpassed the earlier set target of the areas’ potential of giant discovery in a bid to discover new oil and gas working areas to boost sustainable oil and gas production.
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