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The problem with Indonesia's oil reserve

Energy and Mineral Resources Minister Arifin Tasrif projected Indonesia's petroleum reserves to be available for the next 9.5 years, while its natural gas reserves will last for almost two decades.

"The availability of our country’s petroleum reserves is estimated to deplete within 9.5 years and crude oil reserves will become exhausted in around 19.9 years," Tasrif stated during a meeting with the House of Representatives' Commission VII here on Tuesday as quoted by Antara News.

The minister explained that this estimation was based on an assumption of no new discovery of oil and gas reserves and oil production at 700 thousand barrels of oil per day (bopd) and gas at six billion standard cubic feet per day (bscfd).

Tasrif further noted that the national petroleum reserves had reached 4.17 billion barrels, with proven reserves of 2.44 billion barrels.

"Our oil reserves are approximately 4.17 billion barrels, with proven data of 2.44 billion barrels," he pointed out.

Meanwhile, Indonesia's natural gas reserves had reached 62.4 trillion cubic feet, with proven reserves of 43.6 trillion cubic feet.

The Ministry of Energy and Mineral Resources has set this year’s target for oil and gas lifting at 705 million barrels of oil per day (MBOPD) and natural gas lifting at 1,007 MBOPD. Hence, the total oil and gas lifting target for 2021 reaches 1,712 MBOPD.

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