Thursday, August 17, 2017 - 4:49:32

Indonesia on verge of higher oil and gas imports

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Indonesia is likely to depend on oil and gas imports due to its exhausting supplies, a country official has said.

Gde Pradnyana, secretary of the Upstream Oil and Gas Special Working Unit (SKK Migas), said at a recent conference that the country’s crude oil reserves have fallen sharply to about 3.6 billion barrels.

He warned of an increasing imbalance between supply and demand because of rising energy consumption while domestic oil and gas production is decreasing.

This, according to him, requires further domestic investment to explore and exploit new reserves along with preferential policies to lure foreign investment in the field.-VNA

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