Ahad 29 Oct 2023 20:53 WIB

Indonesia Wide Open for Oil and Gas Investment by Global Investor

Total investment realization in upstream and downstream oil and gas sector has reached 61 percent

Rep: Dedy Darmawan Nasution/ Red: Lida Puspaningtyas
Total investment realization in upstream and downstream oil and <p>gas sector has reached 61 percent
Foto: Pertamina
Total investment realization in upstream and downstream oil and

gas sector has reached 61 percent

REPUBLIKA.CO.ID, JAKARTA -- Amid the surge of clean energy transition campaigns and programs to achieve Net Zero Emissions (NZE) by 2060, fossil energies such as oil and gas (migas) is not necessarily left out of the blue. The existence of oil and gas is still needed as a support to the clean energy transition going forward.

Director General of Oil and Gas of the Ministry of Energy and Mineral Resources (ESDM) Tutuka Ariadji, explained that recently there have been several discoveries of oil and gas sources from Cooperative Contracting Contractors (KKKS) operating in Indonesia. Among them such as in northern Sumatra, north of Bali Island, north of Lombok Island, as well as in Makassar Strait.

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“Therefore, the government is looking for a middle way by still using renewable energy in the future but also making the most of existing fossil energy, that is a strategy that is expected to be implemented,” Tutuka said, in his statement, Sunday (29/10/2023).

Tutuka also believes that oil and gas investment opportunities in Indonesia are very wide open, given the huge potential of oil and gas resources. From January 2023 data, proven petroleum reserves in Indonesia reached 2.41 billion barrels, while proven reserves of natural gas stood at 35.3 trillion cubic feet.