Indonesia foresees 29% surge in oil, gas investments in ’24

Indonesia foresees a 29 per cent surge in oil and gas investments for 2024, driven by intensified drilling and exploration post-exits of Shell and Chevron, Reuters reported.

According to the report, 40 per cent of this year’s $17 billion investments will come from foreign firms like Eni, Exxon Mobil, and BP.

Exploration spending will rise to $1.4 billion, aiming to boost production later in the decade.

Challenges include meeting decarbonisation requirements and securing consistent returns on carbon capture investments. The government targets higher oil and gas output by 2030.

Oil lifting in 2024 is expected to reach 600,000 barrels per day (bpd), while gas is projected to rise by 8 per cent to 5,700 million standard cubic feet per day, despite delays in project development due to various factors.