• 6 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 3 hours WTI @ $75.75, headed for $64 - 67
  • 7 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 1 hour The Dirt on Clean Electric Cars
  • 12 hours OPEC's No. 2 Producer Wants to Know How Buyers Use Its Oil
  • 30 mins Uber IPO Proposals Value Company at $120 Billion
  • 5 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 13 hours Iranian Sanctions - What Are The Facts?
  • 7 hours UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 1 hour U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 5 hours COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 7 hours EU to Splash Billions on Battery Factories
  • 14 hours Superhumans
  • 4 hours Nopec Sherman act legislation
Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Indonesia May Return To OPEC But Won’t Cut Production

Indonesia

Indonesia is open to rejoining OPEC, but only if it can determine its own production levels, the country’s Energy and Mineral Resources Minister Ignasius Jonan told Reuters in an interview.

“We would have to have a concession for not following cuts from time to time, Jonan said.

Indonesia, which produces some 800,000 bpd, left OPEC last November, right after OPEC agreed to curb production to prop up international prices. That happened less than a year after the cartel’s only East Asian member rejoined its ranks.

Per the agreement, OPEC had asked Indonesia to cut 37,000 bpd from its daily output, which, Jonan said at the time, the country would not do. What he agreed to was a 5,000-bpd cut that was stipulated in the 2017 budget.

Indonesia is a net importer of crude oil, and a massive one: it imports twice what it produces, as local fields near depletion and demand grows. Current prices are comfortable for net importers, and Indonesia is no exception, especially in the context of an investment program announced earlier this year that should boost its local production.

The US$200-billion investment plan was announced in late April and will involve tendering 14 untapped oil and gas blocks in hopes that foreign players will show an interest in developing them. To sweeten the offer, Jakarta has offered potential bidders tax-free imports of equipment and technology. Related: Electric Car Industry Faces A Looming Supply Shortage

The energy minister’s current visit to the U.S. is part of an international tour aimed at promoting the program to investors including Exxon, Chevron, and ConocoPhillips.

At the same time, the state-owned energy major, Pertamina, is expanding its international presence, with a focus on Iran and Russia. The company is already present in Algeria, Iraq, Tanzania, and Nigeria. Its international oil and condensate production capacity is 150,000 boepd, while domestic production is around 308,000 bpd.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


x


Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News