Indonesia aims to boost oil output 150% by 2030, inviting Russian cos into projects - envoy

MOSCOW. April 26 (Interfax) - Indonesia plans to increase oil production to 1.5 million barrels per day by 2030 from the 610,000-635,000 bpd it currently produces, Russia's trade representative to the country, Alexander Svinin said at the National Oil and Gas Forum

"The plans are fairly ambitious. The problem with Indonesian oil is that fields are often located in remote areas and require fairly large investments. [...] We have repeatedly met with representatives of the local authorities, they are fairly actively inviting, including Russian companies, to participate in these projects. There are already such examples. We have a company, Zarubezhneft, that is now working on a project in Indonesia, if with some difficulties, and there is additional demand for technologies and partners from Russia," Svinin said.

It was reported earlier that Zarubezhneft is doing exploration work at the Tuna field and expects to start producing gas and gas condensate in 2025.

Svinin also said there is an acute shortage of petrochemical products in Indonesia. There are currently six oil refineries in Indonesia and they meet no more than two thirds of domestic market demand, he said.

"There are government programs to modernize oil refineries and there is also a desire to implement new projects. Rosneft is participating in one of them. It is implementing the Tuban Oil Refinery project with state company Pertamina. Huge investments of about $15 billion have been announced in Indonesia," Svinin said.

The Indonesian government is actively supporting projects to increase the depth of oil refining, particularly those with foreign participants, he added.