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Indonesia to invest 2.94 billion USD in oil, gas

Indonesia targeted 2.94 billion USD investment next year in oil and gas infrastructure, according to local media.
Indonesia targeted 2.94 billion USD investment next year in oil and gas infrastructure, according to local media.

An expert at Energy and Mineral Resources Ministry Kardaya Wanika wasquoted by the Jakarta Post on December 2 as saying that the governmentwould start to build two new gas rigs in South Sumatra and West Java in2010.

“Next year, we will kick off the development of two new gas rigs,namely in Lapangan Rambutan in South Sumatra and in Pondok Tengah inWest Java with a total investment of 2.42 billion USD,” Warnika, formerchairman of Oil and Gas Executive Agency (BP Migas) said.

The two new gas rigs are expected to produce up to 1,020 million standard cubic feet per day (MMSCFD).

Indonesia is struggling to boost its dwindling oil and gas production to meet rising domestic energy demands.

According to the ministry, the country’s energy needs rise over 10 percent annually.

Aging wells and lack of new investment have reduced the country’s oiland gas production which makes Indonesia become oil net importer andexit from OPEC membership./.
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