North Dakota Spuds hit 5 year low . Not since January of 2010 have spuds been below 77, the point they hit in September. Indonesia: Missing pieces needed to revive oil and gas sector The future of Indonesia’s oil and gas industry is in peril. Since the early 2000s, the resource-rich country has been experiencing a persistent annual oil production decline of 4 percent , significantly under performing relative to most producing countries. The continued oil-production decline is mainly down to fields maturing and a downtrend in discoveries of new reserves. Indonesian oil production only is around 800,000 barrels per day (bpd), barely half the 1.4 million bpd production in 2000. The reserves-replacement ratio is even more worrisome, averaging merely 75 percent over the same period, which means a quarter of oil produced is not replaced. Projecting the future from these numbers alone, oil production will tumble to around […]