Indonesia Invites Firms to Explore 108 Untapped Oil and Gas Basins

Indonesia looks to unlock its upstream potential by offering more than 100 previously untapped oil and gas basins to global investors for exploration. Southeast Asia’s biggest economy, which is also a major oil and gas producer, aims to reverse its decade-long production decline and bolster national energy security. Indonesia targets to nearly double its oil production to 1 million barrels per day (bpd) of crude oil. Currently, Indonesia pumps about 600,000 bpd of crude. Indonesia has developed only 20 out of…