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KOMPAS.com – In less than 10 years, Indonesia could run out of oil reserves if no new oil can be found by the stakeholders.

The Energy and Mineral Resources Minister (ESDM) Arifin Tasrif estimated that the oil reserves and natural gas would be gone in nine-and-a-half years, and in 19.5 years, respectively.

Therefore, experts suggested that activities of oil exploitation should be intensified to find new reserves in the country.

Meanwhile, Coordinating Economic Affairs Minister Airlangga Hartarto said that the Indonesian economy in the first quarter of this year could lower than the same period last year.

Below are excerpts from the stories in Indonesia, curated by Kompas.com editors:

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

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.

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.

Source: https://go.kompas.com/read/2021/01/19/191529574/indonesias-proven-oil-reserves-could-run-out-in-less-than-10-years-minister.