JAKARTA, RAKYAT NEWS – Indonesia’s Energy Minister, Bahlil Lahadalia, has announced that President Prabowo Subianto has set an ambitious target to increase the country’s oil production to one million barrels per day by 2029. This target marks a significant leap from the previous goal, aiming to reach this figure by 2028-2029, a full year ahead of the prior estimate.

Bahlil highlighted the immense challenge of achieving this target, noting that Indonesia’s oil reserves are plentiful, particularly in the Rokan Block, but much of the oil is located deep underground. To tap into these reserves, the government plans to use advanced technology, such as Enhanced Oil Recovery (EOR), along with other drilling methods to maximize production from existing fields.

The government is hopeful that with these technological interventions, Indonesia can overcome current challenges. In 2024, oil production fell short of its target, reaching only 1.6 million barrels of oil equivalent per day (boepd), below the 1.66 million boepd target set for the year. However, Bahlil expressed confidence that the country would meet its oil production target in 2025.

In terms of average oil production during 2024, the daily production was 579,700 barrels per day (bpd), which is approximately 91.29% of the set target for the year, which was 635,000 bpd. Despite the shortfall, the Energy Ministry remains optimistic about meeting future targets, especially as the country continues to implement new technologies and strategies.

The Ministry also noted that gas production for 2024 faced similar challenges. The average lifting of gas reached 1.02 million boepd, slightly below the target of 1.03 million boepd, illustrating ongoing struggles in meeting energy production goals.