Indonesia’s Proven Oil Reserves Could Run Out in Less Than 10 Years: Minister

JAKARTA, KOMPAS.com – Indonesia’s proven oil reserves could run out in nine-and-a-half years if no new oil can be found, a top official said on Tuesday, January 19.

The Energy and Mineral Resources Minister (ESDM) Arifin Tasrif said that the country’s oil reserves have about 4.17 billion barrels with proven oil reserves of 2.44 billion barrels.

“It’s estimated that the oil reserves will be gone in about nine-and-a-half years,” said Arifin during a meeting with the House of Representatives Commission VI overseeing Trade, Industry, and Investments.

Also read: Rokan Oil Block Remains Mainstay of Indonesia’s 1 Million BPD Target

Meanwhile, he said, the country’s natural gas reserves have reached 62.4 trillion cubic feet, with proven reserves of 43.6 trillion cubic feet.

“The natural gas will be gone in 19.5 years,” the minister said.

He said that these would run out if the relevant stakeholders could not find the new reserves in the country.

Also read: House Calls on Indonesian Government to Increase Oil Lifting Target

“The average oil production reached 700,000 barrels of oil per day and gas reached 6 bscfd [billion standard cubic per day],” he said.

It was previously reported that the government has set the oil lifting target at 705,000 barrels per day and gas at 5.638 standard cubic feet per day (mmscfd).

(Writer: Rully R. Ramli | Editor: Erlangga Djumena)

Source: https://money.kompas.com/read/2021/01/19/134000826/cadangan-minyak-indonesia-akan-habis-dalam-waktu-95-tahun-jika.