Energy – Oil & Gas

Does your jurisdiction have an established upstream oil and gas industry? What are the current production levels and what are the oil and gas reserve levels?

Yes, Indonesia has an established upstream oil and gas industry. According to the 2024 ENI World Energy Review ("ENI 2024 Review") and the 2023 Handbook of Energy and Economic Statistics of the Ministry of Energy and Mineral Resources of Indonesia (the "MEMR Ministry") ("2023 MEMR Handbook"), Indonesia's proven natural gas reserves amounted to 35.30 trillion cubic feet ("Tcf"), and its proven oil reserves stood at 2.41 billion barrels. Oil production was 628,000 barrels per day while gas production was 57.87 million tonnes per annum. According to the PwC Oil and Gas Guide 2024 ("2024 PwC Guide"), Indonesia has 453 Tcf in coal bed methane ("CBM") reserves (the sixth largest in the world), while shale gas reserves are estimated at 574 Tcf.