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Asia Pulse: OIL AND GAS INVESTMENT IN INDONESIA RISES TO US$8 BLN IN H1

Published: Jul 17, 2007

JAKARTA, July 17 Asia Pulse – Investment in the oil and gas sector rose to US$8 billion in the first half of this year from US$7 billion in the same period last year, indicating growing interest shown by oil investors in doing business in the country.

Head of the Upstream Oil and Gas Regulatory Body (BP Migas) Kardaya Warnika described this year as a bright period for oil and gas sector.

A number of oil investors such as Shell and Premier have left the country, but now they are queuing with other investors to restart ventures in the country, Warnika said.

He said he was optimistic the target of US$12.96 billion set for oil and gas investment will be reached this year.

The country has 60 oil basins and 22 of them have remained untouched with only 15 of them already operational.

This year the country hopes to produce one million barrels of crude oil and condensate a day.

(ANTARA)

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