Monday, May 16, 2011
Asia Pulse Pte Ltd
Indonesia needs up to Rp290 trillion (US $34 billion) in new investment in the oil and gas sector per year to prevent further decline in the country's oil output.
Shrinking production lately has been caused by a number of factors such as delay in investment for explorations for new reserves, analysts said.
Most of the producing oil field have been too old with production shrinking 12 percent per year, Sammy Hamzah, vice president of the Indoensian Petroleum Association said.
In addition, 70 percent of the production facilities have been told that that frequency of unplanned shutdown is higher, Sammy told the newspaper Investor Daily.
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