The Staff Of The Minister Of Energy And Mineral Resources Disbursed There Is A 'Funt Price' Potential For Oil Reserves Of Up To 683 Million Barels

Illustration of the refinery (Photo: Doc. Antara)

JAKARTA - Special Staff (Staffsus) of the Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif, Irwandy Arif said that in the short and medium term Indonesia has the potential for additional oil reserves of 683 million barrels of oil.

"With the continued development of the Cepu Working Area (WK) infil and the class and development of oil recovery in the Rokan WK," said Irwandi when representing the Minister of Energy & Mining Outlook 2023 Thursday, February 23.

Irwandy said this is part of a program run by the Ministry of Energy and Mineral Resources as an effort to increase oil and gas production and reduce dependence on energy imports in meeting national energy needs.

In addition to the additional potential for oil reserves, Indonesia also noted an increase in natural gas production where in the medium term there is a potential for additional natural gas production of 1,741 million cubic foot standards through the development of Tangguh Field, Saka Kemang and Indonesian Deepwater Development (IDD).

In order to further stimulate the domestic investment climate, continued Irwandy, the government has also made improvements to the fiscal term, including a more attractive split of the KKKS and regulatory improvements through accelerating the revision of the Oil and Gas Law to provide legal certainty, ease and acceleration of licensing and regional support.

"It is hoped that by implementing the program and supporting all parties, the pentahelix ecosystem, energy independence and downstreaming of the Tambanh can be realized in order to make an optimal contribution to national economic development and community welfare," concluded Irwandy.

Previously, the Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif said that Indonesia's oil and gas reserves (oil and gas) were only sufficient for the next 10 years.

For this reason, the government is actively and aggressively continuing to explore the potential for oil and gas reserves in Indonesia.