Indonesia's Upstream Oil and Gas Investment Soars 21%in First Half

TEMPO.CO, Jakarta - The Energy and Mineral Resources Ministry recorded an upstream oil and gas investment of US$5.7 billion in the first semester of 2023. This is a 21 percent increase from the investment realization in the first semester of 2022, which stood at US$4.7 billion.

"This investment growth is quite significant when compared to the increase in global investment which only reached 5.4 percent," the ministry's head of the Communication, Public Information Services and Cooperation (KLIK) Bureau, Agung Pribadi, said in a press release Thursday, 20 July.

Agung views this achievement as a positive trend in Indonesia's upstream oil and gas investment climate. "The investment increase shows that investment in the oil and gas sector has not been abandoned," he said.

Agung is optimistic that the oil and gas sector has a big chance to attract investors until the end of 2023. Moreover, the government is committed to focusing on maintaining investment in the energy and mineral resources sector over the next five years.

"The upstream oil and gas industry in Indonesia plays an important role as a driving force for the national economy. That's why the government continues to work to create an attractive investment climate to achieve the targets that have been set," Agung said.

Riri Rahayu

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