Jakarta (VNA) – Indonesia has attracted an estimated 22.33 billion USD in investment in energy and mining in 2020, lower than 31.9 billion USD recorded last year and the target of 36 billion USD set for 2020, according to Ministry of Environment and Mineral Resources (EMR).

EMR Secretary General Ego Syahriah said that as of October 2020, 17.7 billion USD was poured into the field, including 8.1 billion USD in oil and gas, and 5.8 billion USD in electricity, 2.8 billion USD in mining and coal, and 900 billion USD in renewable energy.

However, he showed optimism that in 2021, investment in energy and mining will recover to 37.2 billion USD.

Indonesia's upstream oil and gas regulator SKK Migas said that global investment in the field is forecast to reduce about 30 percent to 228 billion USD this year, far below the initial target of 325 billion USD due to impacts of the COVID-19 pandemic and fall in oil price.

In order to attract more investment in the area, the Indonesian Government has applied a number of measures and renovated policies, including nine investment stimulation packages and tax and fee reduction and payment date extension.

According to the EMR, Indonesian Crude Price (ICP) rose to 42 USD per barrel in late September, higher than the country’s expectation of 38 USD per barrel. The oil and gas sector is estimated to contribute 6.99 billion USD to the country’s state budget in 2020, higher than the earlier forecast of 5.86 billion USD./.