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Like Malaysia, Indonesia is struggling to keep oil production up just as domestic fuel demand soars versace cufflinks replica. Once a member of the Organization of the Petroleum Exporting Countries (OPEC), Indonesia has seen its crude oil output dwindle from a peak of 1.6 million bpd in the early 1990s to below 1 million bpd. It is now Southeast Asia’s biggest fuel importer, importing more than 400,000 bpd of last year, at a cost of around $10 billion a year at current prices. Yet, the last time Indonesia built a major refinery was around 25 years ago..
A Refinery Development Master Plan (RDMP), launched in 2014 to double refinery output to over 2 million bpd within a decade, was confirmed last week by Pertamina’s chief executive Nicke Widyawati. “Starting from 2021, we will invest around $7 billion per year as these refineries (developments) are in progress,” Widyawati said. But many of Indonesia’s refinery projects have suffered set-backs, like the delay in the upgrade of a refinery in the central Java area of Cilacap from 348,000 to 400,000 bpd. Due to be completed in 2021, it has been pushed back to 2023 versace cufflinks replica.
Fajar Harry Sampurno, the deputy minister for state owned enterprises, said Cilacap’s delay was because the land for the site had yet to be acquired versace cufflinks replica. Saudi Aramco has also expressed interest in Cilacap, but Sampurno said “Aramco is still waiting” to invest as it first wants the land rights to be resolved. Sampurno said such delays were causing Pertamina “big losses.”. But Pertamina itself isn’t investing enough. The companysays its capital spending target would be $4.2 billion to $4.5 billion this year, down from an earlier target of $5.5 billion..
On the other hand, Petronas raised its investment by 10 billion ringgit ($2.46 billion) to 55 billion ringgit in 2018, and spending is expected to rise again this year. Once RAPID is completed, Petronas would likely start looking for a next big development project, possibly as an investment into overseas production or even in form of corporate acquisitions, said Harwood from Wood Mackenzie. The consultancy estimates Petronas, which has invested far more than its Indonesian counterpart in exploration and acquisitions, will produce 1.6 million barrels per day of oil equivalent this year, which is a unit to describe joint oil and gas production, against vs 0.8 million barrels of oil equivalent by Pertamina versace cufflinks replica.
Oil and gas reserves are estimated at 7.8 billion barrels of oil equivalent for Petronas and at 5 billion for Pertamina by Wood Mackenzie versace cufflinks replica. Sampurno, the Indonesian deputy minister, told Reuters there was “no way” Indonesia could become a net oil exporter again. He said Pertamina should expand its refining capacity to meet booming demand, emulating Petronas. But the Indonesian state-owned major, described by the government as an “agent of development”, is struggling to keep up the required spending to finance oil and gas production and build the infrastructure to meet rising domestic fuel consumption..