The Number of Oil and Gas Working Areas Continues to Decline in 2016

19/10/2016 15:15 WIB

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The Number of Oil and Gas Working Areas Continues to Decline in 2016

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Number of Work Areas 2013-July 2016

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The number of oil and gas working areas (WK) in Indonesia has been steadily decreasing since 2016. As of July 2016, only 288 WK were recorded, comprising 85 exploitation WK, 147 conventional exploration WK, and 56 non-conventional WK. The highest number of WK ever recorded by the Coordinating Ministry for Maritime Affairs was 321 as of December 31, 2013.

This downward trend in WK is concurrent with the declining interest in investing in Indonesia's oil and gas industry. This decline is evident in the decreasing number of bids for oil and gas WK auctions each year. Therefore, the Government has revised Presidential Regulation No. 70/2010 with the aim of increasing the attractiveness of investment returns (IRR) from 11.59 percent to 15.16 percent. With this offer, the Indonesian oil and gas investment climate is expected to be as attractive as Malaysia and Vietnam.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."