Indonesia's oil reserves to last another 9.5 years: Minister Tasrif

Indonesia's oil reserves to last another 9.5 years: Minister Tasrif

Workers of PT Saka Energi Indonesia at the oil exploration well in Pangkah Block, Gresik, East Java. PT Saka Energi Indonesia, a subsidiary of PT Perusahaan Gas Negara Tbk (PGN) in the upstream oil and gas sector, discovered oil reserves in the TKBY-2 exploration well in Pangkah after drilling to a depth of 9,500 feet offshore north of Gresik, East Java. ANTARA/Moch Asim/hp/yas

Jakarta (ANTARA) - Energy and Mineral Resources Minister Arifin Tasrif projected Indonesia's petroleum reserves to be available for the next 9.5 years, while its natural gas reserves will last for almost two decades.

"The availability of our country’s petroleum reserves is estimated to deplete within 9.5 years and crude oil reserves will become exhausted in around 19.9 years," Tasrif stated during a meeting with the House of Representatives' Commission VII here on Tuesday.

The minister explained that this estimation was based on an assumption of no new discovery of oil and gas reserves and oil production at 700 thousand barrels of oil per day (bopd) and gas at six billion standard cubic feet per day (bscfd).

Tasrif further noted that the national petroleum reserves had reached 4.17 billion barrels, with proven reserves of 2.44 billion barrels.

"Our oil reserves are approximately 4.17 billion barrels, with proven data of 2.44 billion barrels," he pointed out.

Meanwhile, Indonesia's natural gas reserves had reached 62.4 trillion cubic feet, with proven reserves of 43.6 trillion cubic feet.

The Ministry of Energy and Mineral Resources has set this year’s target for oil and gas lifting at 705 million barrels of oil per day (MBOPD) and natural gas lifting at 1,007 MBOPD. Hence, the total oil and gas lifting target for 2021 reaches 1,712 MBOPD.

Meanwhile, oil and gas investment in 2021 is targeted at US$17.59 billion, with the upstream sector’s contribution of US$12.38 billion and US$5.2 billion of the downstream sector. Related news: Pertamina finds new oil and gas reserves
Related news: Indonesia has 10 areas with potential oil, gas reserves


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