Indonesia needs 179 bln USD for upstream oil, gas industry

SKK Migas Chief Dwi Soetjipto addresses the opening of the 3rd International Convention on the Indonesian Upstream Oil and Gas Industry 2022 in Bali last week (Photo: ANTARA)

Jakarta (VNA) - Indonesia's upstream oil and gas industry needs 179 USD in investment to meet the high demand for new and renewable energy to support the national energy transition, according to Upstream Oil and Gas Special Regulatory Task Force (SKK Migas).

Speaking at the 3rd International Convention on the Indonesian Upstream Oil and Gas Industry 2022 in Bali last week, SKK Migas Chief Dwi Soetjipto said while striving to fulfill its ambition of achieving net-zero emissions, SKK Migas needs to maximise the value of oil resources, particularly gas in order to ensure energy security and affordability in the region. 

To that end, the upstream oil and gas industry is seeking to achieve the oil production target of one million barrels per day and a gas production target of 12 billion standard cubic feet per day by 2030, he added.  

The Indonesian needs to take strong actions to improve the investment climate in the country's oil and gas sector to achieve the target./.

VNA