Investment Rises but Production Falls
Indonesia’s net oil production fell below the government’s target in 2022, despite an increase in investment in oil exploration.
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President Joko Widodo gives directions to Pertamina Main Director Nicke Widyawati (second from right) and a number of Indonesia Onward cabinet ministers while visiting the storage tank owned by Pertamina Hulu Rokan (PHR) in Dumai, Riau Province, Thursday (5/1/2023)..
JAKARTA, KOMPAS — Indonesia missed its oil and gas production target in 2022 despite an investment surge in exploration. The output of oil and gas lifting, or ready-to-sell oil and gas, was even lower than the previous year.
A number of efforts had been made to increase the country’s oil lifting capacity, such as by spending investing in drilling and developing new wells.