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Indonesia's crude oil production has been declining for over two decades. According to BP's Statistical Review of World Energy 2016, Indonesia's oil production peaked at 1.7 million barrels per day in 1991, but has steadily decreased since. The decline has been particularly sharp since 2000, falling from 1.5 million bpd to 825,000 bpd in 2015.
Industry players attribute this decline not only to aging oil and gas wells and insufficient exploration, but also to an unappealing investment climate in Indonesia's oil and gas sector. Numerous obstacles hinder investors, ranging from land acquisition issues and licensing problems to slow project approvals. Recently, the global decline in crude oil prices has further reduced the attractiveness of investment in this sector.
"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."
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