Indonesia seeks broader cooperation in oil and LPG imports

Indonesia hopes to expand international cooperation in the import of crude oil, petroleum products and liquefied petroleum gas.

Report informs that Ariana Soemanto, Director of Business Development for Oil and Gas Exploration and Production at Indonesia's Ministry of Energy and Mineral Resources, said this during the 31st Baku Energy Forum.

He stressed that the country is currently facing shortages of crude oil, petroleum products and liquefied petroleum gas, as domestic consumption significantly exceeds production levels.

"In this regard, it is vital for us to establish cooperation with many countries to attract investment to Indonesia. There are around 128 oil and gas basins in our country, of which only 20 are in operation, while more than 100 have yet to be developed. This opens up significant prospects for geological exploration and oil and gas production in Indonesia. Two weeks ago, the Indonesian government released information on more than 100 new promising oil and gas blocks," the director said.

According to him, Indonesia has provided access to relevant data and allocated funds from the state budget for geological exploration activities, including seismic surveys and other scientific studies.

"This should attract the interest of investors not only from our region, but also from other parts of the world. We invite everyone interested in investing in Indonesia's oil and gas sector," Soemanto said.

The ministry representative also noted that Indonesia needs to purchase crude oil, petroleum products and liquefied petroleum gas from abroad.

"Last year, we imported part of the required volumes from Azerbaijan, as well as from the United Arab Emirates, Saudi Arabia and several other countries. Therefore, we have high hopes for global partnerships, which are of primary importance in ensuring our country's energy security," Soemanto said.