Indonesia needs to find more oil

Jan 15, 1997 01:00 AM

Jan. 6, 1997 Indonesia has intensified its exploration for oil, especially in the eastern region, as it expects its reserves of 9 bnb to deplete in 10 years. Priyambono Muyosudirjo, director for exploration and production at Pertamina said: "With our reserves continuing to diminish and demand for fuel oil continuing to rise, Indonesia could sooner or later become a net oil importer." He said the rise in demand was due to increasing economic growth which enabled more Indonesians to buy cars. Indonesia needs 2 more oil refineries by 2000 to meet increasing domestic demand for fuel products. The new refineries would each need to have a capacity of 125,000 bpd to help meet demand in Indonesia. Indonesia has set its oil price at $16.50 per barrel in its 1997/98 (April-March) budget, unchanged from the current budget.

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