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Indonesia & OPEC

Indonesia & OPEC

At the beginning of this year, Indonesia regained its position as the only Asian member of OPEC (Organization of the Petroleum Exporting Countries) and the only net importer of petroleum. While there is still focus on the exporting side, many Indonesian basins have yet to be explored, adding the potential for large reserves, as seen in recent history. The focus has shifted to offshore drilling, accounting for half of ACL International’s Indonesian exploration.

“With the largest economy in southeast Asia, Indonesia is a member of the Group of 20 major economies. In addition to petroleum and natural gas, other key industries include manufacturing, agriculture, mining, services and tourism.

The nation joined OPEC initially in 1962 and suspended its membership as of 1 January 2009, but this was reactivated as of 1 January 2016.

Indonesia’s return to OPEC follows the election of the country’s new President, Joko Widodo, in 2014. Together with Minister of Energy and Mineral Resources, Sudirman Said, they decided the time was ripe to once more take their seat at the OPEC Conference table and help the Organization as it strives to steer an orderly path for the oil market in the testing years ahead.” (opec)

“Indonesia’s re-integration will add roughly 825,000 barrels a day to OPEC’s total output – around 1 percent of total global production.” (thediplomat)

“Many Indonesian basins have yet to be extensively explored for oil and gas deposits, making for potentially large additional reserves. While the main producing fields are currently in Sumatra and East Kalimantan (for gas), the focus for exploration is moving eastwards and offshore.” (gbgindonesia)

 

ACL International is a leader in Indonesian Oil and Gas Exploration and Development. Learn more about them here.

 

Sources:

http://www.opec.org/opec_web/en/press_room/3403.htm

http://thediplomat.com/2015/12/and-then-there-were-13-indonesia-rejoins-opec/

http://www.gbgindonesia.com/en/energy/article/2014/indonesia_s_oil_and_gas_sector_upstream_challenges.php

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Laura Garet

Laura is 8020 Connect’s Client Communications & Social Media Specialist. In 2014, She received her Bachelor of Communications in Information Design from Mount Royal University in Calgary, Alberta. After a couple brief positions in other marketing roles, Laura has found her home with 8020.




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