Back to Blogs

Oil And Gas To Have Uphill Battle

Indonesia’s oil and gas industry will continue to face challenges this year as the government projects lower crude oil prices, production and investment while demand continues to grow.

The government projects this year’s oil and gas production rate to reach 1.95 million barrels of oil equivalent per day (boepd) and Indonesian Crude Prices (ICP) at $58 to $63 per barrel. Both are lower than last year’s expectations of 2 million boepd and $70 per barrel.

“With a high sensitivity toward global dynamics, the government continues to monitor the movement of oil prices and global commodities,” said President Joko “Jokowi” Widodo at the House