INDONESIA

The Jakarta Post-May 4

The surge in crude oil prices in recent months has contributed significantly to the rise in investment in oil and gas exploration in Indonesia after two years of slowdown in the industry. Brent crude oil futures averaged US$75 per barrel last week, soaring by about 170 percent from the lowest level in early 2016. Although the current price is still far from the historic high of $115 per barrel recorded in early 2014, many analysts predict the upward trend in crude oil prices will continue.

On the back of the promising crude oil price outlook, the Energy and Mineral Resources Ministry has set a target for investment in the oil and gas sector to reach $17.04 billion this year. Investment in oil and gas plunged to $17.38 billion in 2015 and to $12.74 billion in 2016 from $20.72 billion in 2014. The sector recorded its lowestever investment figure in 2017 at only $7.98 billion.

READ MORE AT: http://www.thejakartapost.com/academia/2018/05/04/editorial-time-for-recovery-in-oil-industry.html

First published in: The Jakarta Post