Oil reserves can last for 22 years after new findings
Saturday, January 24 2004 - 02:42 AM WIB
Rachmat Sudibyo, the head of BP Migas, the government's agency in charge of oil and gas exploration and production activities, said in Jakarta on Friday with the increase in the crude oil reserves, Indonesia would continue to become a major oil producer at least for another 22 years, much longer than earlier estimated.
Based on the previous oil reserve level, Indonesia will become a net oil importer in the next 20 years.
The 10 billion-reserve figure unveiled by BP Migas is higher than the data provided by the agency recently. Earlier, the agency said that the total oil reserves reached about 9.7 billion barrels, comprising of proven reserves of about 4.7 billion barrels and potential reserves of about 5.02 billion barrels.
"With a production level of about 500 million a year, the existing oil reserves can last for another 22 years," he was quoted as saying by the daily. Rachmat also said that with the new finding, the country's oil production could be increased by 150 percent in the future.
Rachmat said that the country's gas reserves had also increased to about 176 trillion cubic feet (TCF) thanks to the finding of new gas fields. The reserves, which comprise of proven reserves of 90.30 TCF and potential reserves of about 86.29 TCF, are enough for 60 years of production.
The country's oil production, which reached about 1.08 million barrels a day in 2003, is estimated to further increase to 1.15 million barrels a day this year. Imports of crude oil and fuel (refined oil products) are estimated to also increase to 125.03 million barrels and 115.34 million barrels, respectively in 2003. (*)