Oil & gas industry still holds high prospects: Energy Minister

Oil & gas industry still holds high prospects: Energy Minister

Energy and Mineral Resources Minister Arifin Tasrif. ANTARA/screenshot/Aria Cindyara/sh

The oil and gas sector has played an important role to meet the energy demand for transportation and electricity as well as raw material in industrial development.
Jakarta (ANTARA) - Energy and Mineral Resources Minister Arifin Tasrif opined that the oil and gas industry still has prospective opportunity in spite of the global market prioritizing the development of clean and renewable energy.

At the 2020 International Convention on Indonesian Upstream Oil and Gas (IOG 2020) held virtually on Wednesday, Tasrif stated that Indonesia had also developed clean energy, though it will not abandon the oil and gas sector.

"The oil and gas sector has played an important role to meet the energy demand for transportation and electricity as well as raw material in industrial development," he stated.

According to the National Energy Plan (RUEN), oil consumption is expected to rise by 139 percent, from 1.66 million to 3.97 million barrels of oil per day (bopd) in 2050.

Gas consumption is expected to increase 298 percent, from six thousand MMSCFD to 26 thousand MMSCFD in 2050.

"To meet the energy demand, Indonesia’s upstream oil and gas industry still holds vast potential. Only 20 out of the 128 oil and gas basins have begun production, and 68 basins had yet to be explored," he remarked.

Tasrif admitted that investment in the oil and gas industry came at a steep cost, carried high risk, and necessitated the application of advanced technology.
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