JAKARTA, Oct. 23 (Xinhua) -- Indonesia is actively seeking investors to enhance its domestic oil production by exploring potential oil sources across the country.
Presidential Advisor for Energy Purnomo Yusgiantoro said on Wednesday that while Indonesia is rich in oil resources, it needs more investment to continue exploration.
"We need some 'sweeteners' to attract investors to explore these oil sources. For example, we have a 'jumbo' reserve in the Masela Oil and Gas Block in Maluku. However, despite an estimated potential of 35,000 barrels per day, it has yet to be explored," Yusgiantoro said.
Indonesia's oil production continues to decline, forcing the country to rely on fuel imports to meet domestic demand. As of Sunday, the Ministry of Energy and Mineral Resources reported that domestic oil production stood at 584,994 barrels per day, below the 2024 target of 635,000 barrels per day. ■
