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Indonesia to Rejoin OPEC in Move to Secure Oil Supplies

12 June 2015 15:08 WIB

TEMPO.CO, Jakarta - Indonesia's energy ministry said Friday the country will rejoin the Organization of Petroleum Exporting Countries this year to forge a closer relationship with oil suppliers.

I Gusti Nyoman Wiratmadja Pudja, director-general of oil and gas at the ministry, said Indonesia will reactivate its membership in November after all OPEC members approved its application to rejoin the oil cartel at a meeting in Vienna last week.

The Southeast Asian country left the group in 2008 after nearly five decades of being the only Asian member amid declining oil reserves and investment. The country joined OPEC two years after it was founded in 1960.

Indonesia hopes membership will strengthen its ability to secure oil supplies and attract investment to its domestic energy industry.

It is Southeast Asia's largest oil producer, but the nation of 250 million people has imported for years because of aging wells and exploration failures. Consumption is continuing to rise but an unpredictable legal system and bureaucracy has deterred foreign investors.

Indonesia with a 2015 oil production target of 825,000 barrels per day would be the fourth-smallest producer in a 13-member OPEC ahead of Libya, Ecuador and Qatar

The government is sending a delegation to oil producing countries in the Middle East and elsewhere, including Russia and Azerbaijan, for possible supply agreements for crude and fuel.

AP



BPS Reports January Exports for Coal 'Sluggish' at US$2.41 billion

41 hari lalu

BPS Reports January Exports for Coal 'Sluggish' at US$2.41 billion

BPS reported that the January exports for coal were sluggish in Indonesia.


January Export Drops 8.34% at US$20.52 billion, BPS Reports

42 hari lalu

January Export Drops 8.34% at US$20.52 billion, BPS Reports

BPS recorded the January export value of Indonesia at US$20.52 billion, an 8.34 percent decline compared to December.


Jokowi Asks Tanzanian President to Open Negotiations on LNG, Fertilizer Investment

25 Januari 2024

Jokowi Asks Tanzanian President to Open Negotiations on LNG, Fertilizer Investment

Indonesian President Jokowi highlights investment cooperation in the oil and gas sector during a meeting with Tanzanian President Samia Suluhu today.


Import Value Shows Steady Decline in Latter Half of 2023, BPS Says

15 Januari 2024

Import Value Shows Steady Decline in Latter Half of 2023, BPS Says

BPS recorded that the value of imports in December 2023 reached US$19.11 billion, a 2.45 percent decline compared to the previous month.


BPH Migas Predicts Gasoline, Plane Fuel Distribution to Rise in Holiday Seasons

16 Desember 2023

BPH Migas Predicts Gasoline, Plane Fuel Distribution to Rise in Holiday Seasons

BPH Migas predicts that the distribution of gas oil and jet fuel will increase during the Christmas and New Year periods.


Indonesia, South Korea Explore Partnership on Carbon Capture Development

29 November 2023

Indonesia, South Korea Explore Partnership on Carbon Capture Development

Indonesia is exploring a partnership with South Korea to develop carbon capture and storage/carbon capture, utilization, and storage technology.


Indonesia's Trade Surplus Surpasses US$3.42 billion

17 Oktober 2023

Indonesia's Trade Surplus Surpasses US$3.42 billion

According to Statistics Indonesia, the balance of trade surplus in Indonesia continues to September 2023, surpassing US$3.42 billion.


Pertamina Expands to Africa's Upstream-Downstream Oil & Gas Industry

29 September 2023

Pertamina Expands to Africa's Upstream-Downstream Oil & Gas Industry

PT Pertamina inked an agreement yesterday in Jakarta with Guma Africa Group Limited.


Pertamina Subholding Increases Production, Improves Business Development

29 Juli 2023

Pertamina Subholding Increases Production, Improves Business Development

Pertamina upstream sub-holding, PT Pertamina Hulu Energi (PHE), continues to improve the unlock value activities.


SKK Migas Sets 2023 Investment Target at US$15.5bn

21 Juli 2023

SKK Migas Sets 2023 Investment Target at US$15.5bn

The Upstream Oil and Gas Activities Special Task Force (SKK Migas) is targeting to achieve US$15.5 billion in actualized investments by 2023's end.