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MInistry of ESDM targets to record US$ 117 billion in investment in the oil and gas sector

19 February 2020 14:10

JAKARTA. The Ministry of Energy and Mineral Resources (ESDM) considers that the oil and gas sector may still attract investors. For this reason, the ministry estimates that in the next 5 years, investment in that sector could reach US$ 117 billion.

Head of the Communication and Public Information Bureau of the Ministry of ESDM, Agung Pribadi stated in an official statement the detailed investment projection for the next five years; US$ 15 billion in 2020, US$ 20 billion in 2021, US$ 25 billion in 2022, US$ 29 billion in 2023, and US$ 28 billion in 2024. 

The projection, said Agung, was made by taking into account the fact that investment in the sector has grown continuously over the past three years. In 2019, investment realization in the oil and gas sector reached US$ 12.5 billion.

"We believe the target is quite realistic considering that several strategic oil and gas projects will run and there are still 128 oil and gas wells that will be operated," Agung said.

In the downstream sector, opportunities for more investment are driven by infrastructure development programs. (AM/AR)

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