In the first semester (six months) of this year, the total value of oil and gas investments reached US$5.7 billion, an increase of 21 percent as compared to the same period in 2022.
Badung, Bali (ANTARA) - Investments in upstream oil and gas could boost the economy of Indonesian regions, Minister of Investment, Bahlil Lahadalia, said in Badung district, Bali province, on Wednesday

“We consider investments in upstream oil and gas as one of the instruments for boosting the regional economy,” he informed at the "2023 International Convention of Indonesian Upstream Oil and Gas."

Minister Lahadalia said that President Joko Widodo has instructed the Investment Ministry to help realize equitable development by paying equal attention to investment in all regions, not only in Java.

“Mr. President has ordered us to develop the country by applying the Indonesia-centric approach, meaning that development efforts should be made in all regions, from Sumatra to Papua, including remote areas,” he explained.

The President believes that quality investment is equitable investment, he said.

He then highlighted the 2023 national investment realization target of Rp1,400 trillion (US$91.1 billion), while noting that in the first half of this year, the value of investments made outside Java exceeded those recorded in Java.

“In the first semester (six months) of this year, the total value of oil and gas investments reached US$5.7 billion, an increase of 21 percent as compared to the same period in 2022. The figure has been increasing in the past five years,” he added.

The minister then emphasized the need to boost the figure further since the rate of national crude oil production is still below the target of 660 thousand barrels per day.

“We all know that our crude oil production rate has not met the target set. Currently, we are producing about 600–630 thousand barrels per day. Moreover, we are still importing some portion (of crude oil),” Lahadalia said.

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Translator: Benardy F, Tegar Nurfitra
Editor: Azis Kurmala
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