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#65196 - 18 Nov 07 11:03 ANT/Foreign investors invited to tap Indonesia`s oil fields
biznews Moderator Offline
Pujangga Besar

Registered: 24 Apr 08
Posts: 7508
Loc: Jakarta
Foreign investors invited to tap Indonesia`s oil fields

Denpasar, Bali (Antara News) - The Indonesian Geophysicists Association (HAGI) has signed a cooperation agreement with its United States counterpart to encourage foreign investment in Indonesia`s petroleum drilling industry.

"The two sides signed the agreement on September 22, 2007. The agreement is expected to help attract foreign investors so that Indonesia`s oil production will increase," HAGI Chairman Abdul Mutalib Masdar said here on Thursday.

Speaking on the sidelines of a convention, the HAGI chairman said foreign investment was badly needed to tap Indonesia`s oil resources.

He said Indonesia had large petroleum reserves which had not yet been developed maximally, particularly in areas which were prone to natural disasters.

"The Indonesian government should improve the investment climate and draw OPEC (Organization of the Petroleum Exporting Countries)`s attention to the country`s oil reserves," Abdul Muthalib said.

Indonesia, once one of the most important oil exporters in the world, has become a net oil importer in recent years due to a continuing decline in its crude oil production.

Indonesia, now the second smallest member in OPEC, is dire need of private investment to boost the oil and gas output of its aging fields.

Indonesia`s oil production reached its first peak in 1977, at approximately 1.6 million barrels per day, rising from 500,000 barrels per day in just 10 years. Production peaked a second time in 1995 to just over 1.6 million barrels a day.

Since 1995, production had steadily declined and in 2006 was down to just 1 million barrels per day, or roughly a 37.5 percent decline, making the country a net oil importer.

Natural gas has fared better, with production averaging approximately 8.3 billion cubic feet per day, down just 3.44 percent from its peak of 8.7 billion cubic feet per day in 1996.

Earlier this year, the government announced a target of increasing oil and gas production by 30 percent to 1.3 million barrels per day and 8.5 billion cubic feet per day, respectively by 2009. (*)
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#65199 - 18 Nov 07 11:08 Re: ANT/Foreign investors invited to tap Indonesia`s oil fields [Re: KuKuKaChu]
Dilli Offline
Pujangga Besar

Registered: 26 Feb 06
Posts: 8044
Loc: Nearest Bar
Utter shite. The big boys already know about what it takes to explore here and thats why they have turned their noses up at it.
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#65201 - 18 Nov 07 11:11 Re: ANT/Foreign investors invited to tap Indonesia`s oil fields [Re: Dilli]
KuKuKaChu Moderator Offline
Pooh Bah

Registered: 09 Oct 05
Posts: 10790
Loc: Centre of the Universe
once again, typically, they are wasting time and resources attempting to change 'perceptions' when they should be attending to reality! fix reality, and the perceptions will fix themselves!
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#65239 - 19 Nov 07 12:32 Re: ANT/Foreign investors invited to tap Indonesia`s oil fields [Re: KuKuKaChu]
riccardo Offline
Pujangga

Registered: 12 Oct 05
Posts: 2195
Loc: Jakarta
What do you guys mean? Is there a load of untapped oil reserves? If so, why can't either the Indons or foreign companies get at it? Too deep/expensive? Too much bureaucracy? or What?
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#65250 - 19 Nov 07 21:08 Re: ANT/Foreign investors invited to tap Indonesia`s oil fields [Re: riccardo]
Roy's Hair Offline
Pujangga Besar

Registered: 08 Nov 06
Posts: 3974
Loc: jakarta
The locals and the bules can't agree on a deal as I understand it
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