Indonesia has offered five oil and gas blocks in its first tender of the year, part of a broader effort to reverse an extended production decline in the country.
Indonesia has offered five onshore and offshore oil and gas blocks in its first tender for the year amid efforts to reverse an extended production decline. Indonesia used to be a net oil exporter but this has changed as natural depletion and insufficient new exploration have combined to push its output of hydrocarbons down. As a result, the rate of oil production has been declining, at an average annual rate of 11%, according to the U.S. International Trade Administration.
Earlier this year, a government official said there were plans to offer a total of 10 exploration blocks in 2024. The first tender for the year included an onshore block in East Kalimantan that contains an estimated 1.1 trillion cubic feet of natural gas as well as blocks in Central Andaman with resources estimated at 100 million barrels of crude and 500 billion cubic feet of natural gas.
Crude Oil Natural Gas Auction Tender Production Asia
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