Indonesia’s withdrawal from OPEC membership is unlikely to affect the country’s oil supply security, given the limited benefits seen since it rejoined the group on January 1 this year, industry Continue Reading
Pertamina oil Amid rising doubts about OPEC’s crude oil production freeze agreement, one member of the organization that’s so far stayed out of the spotlight has declared its plans to Continue Reading
Indonesia is now producing natural gas from a deep-water site that represents a milestone for the country’s energy goals, a Chevron subsidiary said. Chevron Indonesia Co. said it started natural Continue Reading
BP has made a final investment decision for an $8-billion expansion of its Tangguh liquefied natural gas (LNG) project in Indonesia, the country’s energy regulator (SKKMigas) said on Friday, and Continue Reading
Indonesia’s efforts to boost upstream petroleum investments to mitigate falling production have not made much headway in recent years, further entrenching its reliance on imports. Nearly two years after Joko Continue Reading
Indonesia’s governor to the Organization of the Petroleum Exporting Countries said on Monday that oil at $45 a barrel was “not bad” and that there would be no urgency to Continue Reading
Southeast Asia’s largest economy is returning to OPEC as its government warns the collapse in crude prices has worsened an “increasingly unappealing” energy investment climate and dependence on foreign oil Continue Reading
U.S. Energy Information Administration expects Indonesia will still import oil even after it rejoins OPEC. File photo by project1photography/UPI WASHINGTON, Oct. 16 (UPI) — Despite its bid to reactivate its membership in OPEC, Indonesia will likely need to import more oil to meet its domestic demand, a U.S. analysis said. In September, Indonesia submitted a request to reactivate its membership in the Organization of Petroleum Exporting Countries, which it left in 2009 because it was no longer a net exporter. OPEC in a response statement said its members would "welcome [Indonesia’s] return." Analysis from the U.S. Energy Information Administration said geographical characteristics and a lack of refining capacity means the Indonesian economy will still need to import oil products , particularly gasoline. According to EIA, Indonesia produced about 790,000 barrels of crude oil and condensates, an ultra-light form of oil. That puts it above Ecuador and Libya, the two […]
Iran supports Indonesian bid to rejoin OPEC after six-year absence. Photo courtesy of SHANA/Hasan Hosseini. TEHRAN, Oct. 15 (UPI) — The Iranian government welcomes the eventual return of Indonesia to the Organization of Petroleum Exporting Countries, Iran’s oil minister said. Indonesia in September submitted a request to reactivate its membership in OPEC. "We hope that with Iran’s support in the upcoming OPEC meeting, Indonesia’s return to the organization can be finalized," Iranian Oil Minister Bijan Zangeneh said. "Then, Tehran and Jakarta can resume their bilateral cooperation in the global oil market." Iran’s oil minister welcomed his Indonesian counterpart, Sudriman Said, to the capital to discuss how the two re-emerging producers can work together . Zangeneh said Iran is interested in working with Indonesia in the crude oil and liquefied natural gas markets. According to the U.S. Energy Information Administration, natural gas production in Indonesia increased by more than 20 […]
The Organization of Petroleum Exporting Countries has accepted Indonesia’s request to reactivate the country’s membership. Indonesia formally asked for reinstatement at the cartel’s June ministerial meeting in Vienna (OGJ Online, June 5, 2015) . The Southeast Asian country withdrew from OPEC in 2009 citing growing internal demand for energy, declining crude oil and condensate production in mature fields, and limited investment to increase production capacity. Indonesia had become a net importer of petroleum and other liquids by 2004 after domestic demand exceeded production. Indonesian government officials said that rejoining OPEC will strengthen its cooperation with oil-producing countries, provide greater access to crude oil supplies, and allow the country to be a link between energy producers and consumers. Indonesia currently buys crude oil and petroleum products through third parties or traders and seeks direct access to long-term crude supply contracts through negotiations between OPEC-member national oil companies. Indonesia produced about […]
