Indonesia Hunts for More Oil Amid Rising Global Prices
Indonesia is accelerating oil exploration and production as global crude prices climb above $100 a barrel. The country's average crude oil production has been below its target of over 1 million barrels per day, with output reaching about 578,000 barrels per day between January 1 and July 31.
The Deputy Energy and Mineral Resources Minister, Yuliot Tanjung, said the surge in global prices had reinforced the need to develop domestic sources and reduce reliance on imports. He emphasized that several domestic oil fields have the potential to increase production, with some estimated to be capable of producing between 2,500 and 3,000 barrels per day.
The government plans to accelerate exploration and production activities in 2027 and 2028 to tap that potential and push national output above 1 million barrels per day. Both state and private-sector companies will be encouraged to accelerate exploration, while the government will provide incentives to support new projects.