Indonesia to become more reliant on oil imports

Jan 14, 2005 01:00 AM

Indonesia will rely on imports for 40 % of its oil fuel requirement in 2010, up from 30 % at present, analysts said.
Oil observer Kurtubi from the Centre for Petroleum and Energy Economics Studies, said domestic consumption of oil fuel grew 1.5 % in 2004 to 1,131 bpd in crude oil equivalent compared with in 2003. The country's imports of crude oil will continue to increase to reach 48 % of the country's crude oil requirement in 2010, up from 40 % in 2004, Kurtubi predicted.

The country, an oil producer and member of OPEC, needs to import crude oil to feed some of its oil refineries.
The increase in imports is needed with the falling oil production of the country. The country's oil production has been shrinking in the past several years with falling productivity of old wells and a drop in exploration activity.

Source: AsiaPulse
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