Indonesia Approved 47 Oil, Gas Development Plans in 2012

The Indonesian government, in 2012, approved as many as 47 out of 53 plans of development (PODs) submitted by oil and gas contractors, which will boost the state revenue by around $18.9 billion.

“The approved PODs are expected to bring an additional oil and gas output of around 956 million barrels of oil equivalent [BOE] comprising of 216 million barrels of crude oil, 4.1 trillion cubic feet of natural gas and 7.6 million barrels liquefied petroleum gas [LPG],” interim regulatory task force for the upstream industry SKMigas’ planning deputy Widhyawan Prawiraatmadja announced on Tuesday, Jakarta Post reported.

Around $21.3 billion will be spent on oil and gas reserves, of which $14.32 billion on investment fund and $6.5 billion on operational costs. The remaining 2 percent or $447 million will go on recovery of fields after exploitation also known as the abandonment and site restoration (ASR) fund.