Indonesia launches massive oil and gas exploration push, invites global investors to develop 108 untapped basins Indonesia aims to nearly double its crude oil production to one million barrels per day (bpd) by 2029, targeting 108 untapped oil and gas basins to reverse its decade-long decline in hydrocarbon output. The government has introduced streamlined licensing (Govt. Regulation No. 28/2025) and 75 new oil/gas blocks to attract global investors, with nine already awarded. Plans include Enhanced Oil Recovery (EOR), waterflooding and reactivating inactive wells to maximize output, alongside infrastructure expansions like pipelines and refineries. The Perkasa Working Area contract (228M barrels oil + 1.3T cubic feet gas) was signed, featuring a 300K bonus and…

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