Oil and Gas

  Problem Statement:          Indonesia's oil and natural gas production has been declining, and the country may become a net importer of natural gas by around 2030. The government has set a target of 1 Million BOPD oil and 12 BSCFD gas, and there is a need to achieve this target while balancing environmental and sustainability requirements [1]. Indonesia's oil and natural gas reserves are estimated at about 25 billion barrel-of-oil equivalents, but production fell by 20 percent from 2010 to 2019. Already a net importer of oil, Indonesia may become a net importer of natural gas as well by around 2030 [1]. The COVID-19 crisis has caused a short-term drop in demand, but demand is expected to recover by 2022. Demand for natural gas in Indonesia reached a plateau even before the pandemic, as core sectors such as power and industrial faced economic headwinds. By reducing demand for fertilizer and power, the crisis has further weakened demand for natural gas, s...