Total proven oil reserves in Indonesia 2016-2019
At the end of 2019, Indonesia had approximately 2.5 billion barrels worth of proven oil reserves accounting for approximately 0.2 percent of the world's total oil reserves. Oil has been a major sector in the Indonesian economy but has recently become less important due to its finite nature.
Oil production
Within Indonesia, there are considerable amounts of oil in Sumatra, Borneo, Java, and West Papua Province. There are said to be around 60 basins across the country, only 22 of which have been explored and exploited. Main oil fields in Indonesia include the Minas and Duri field, in Riau in Sumatra, operated by the US-based firm Chevron Pacific Indonesia. However, since 2000, domestic consumption has continued to rise while production has been falling. By 2019, Indonesia is also one of the highest oil consumers in the world.
Oil shortage
A country that was once one of the world's top oil producers is now facing extreme shortage. Most of the unexplored oil and gas blocks are in Indonesia's under-developed east such as in Sulawesi, Kalimantan, and Papua. These areas lack necessary infrastructure, capital and other barriers to entry making it even more expensive to pull new oil out of the ground. Without opening up new oilfields, the country would have depleted its oil reserves in a little over a decade. Due to the costs of opening up a new oil field few companies are willing to invest in the long-term project. In 2012, Indonesia spent about 1.4 billion USD on new oil and gas exploration. By 2016, that figure declined to about 732 million USD
Oil production
Within Indonesia, there are considerable amounts of oil in Sumatra, Borneo, Java, and West Papua Province. There are said to be around 60 basins across the country, only 22 of which have been explored and exploited. Main oil fields in Indonesia include the Minas and Duri field, in Riau in Sumatra, operated by the US-based firm Chevron Pacific Indonesia. However, since 2000, domestic consumption has continued to rise while production has been falling. By 2019, Indonesia is also one of the highest oil consumers in the world.
Oil shortage
A country that was once one of the world's top oil producers is now facing extreme shortage. Most of the unexplored oil and gas blocks are in Indonesia's under-developed east such as in Sulawesi, Kalimantan, and Papua. These areas lack necessary infrastructure, capital and other barriers to entry making it even more expensive to pull new oil out of the ground. Without opening up new oilfields, the country would have depleted its oil reserves in a little over a decade. Due to the costs of opening up a new oil field few companies are willing to invest in the long-term project. In 2012, Indonesia spent about 1.4 billion USD on new oil and gas exploration. By 2016, that figure declined to about 732 million USD
