With the third highest reserves of natural gas in Asia Pacific after China, the third highest coal production in the world and oil production that averaged 692,000 barrels per day (B/D) in 2020, Indonesia relies heavily on its domestic fossil fuel reserves for its energy. Its LNG export market share is the second largest in Asia Pacific."Our oil reserves are approximately 4.17 billion barrels, with proven data of 2.44 billion barrels," he pointed out. Meanwhile, Indonesia's natural gas reserves had reached 62.4 trillion cubic feet, with proven reserves of 43.6 trillion cubic feet. While Indonesia's oil and natural-gas recoverable resources are estimated at about 25 billion barrel-of-oil equivalents, production fell by 20 percent from 2010 to 2019. Already a net importer of oil, Indonesia may become a net importer of natural gas as well by around 2030. Indonesia contains large reserves of natural gas. Currently, the country contains the third-largest gas reserves of the Asia Pacific region (after Australia and China), accounting for 1.5 percent of total global gas reserves (BP Statistical Review of World Energy 2015). INDONESIA'S NATURAL GAS: PRODUCTION, RESERVES, AND CHALLENGES by Bambang Widarsono ABSTRACT Recent years has witnessed decline in national oil production at an alarming rates of higher than 10% annually.
Indonesia holds 98 trillion cubic feet (Tcf) of proven gas reserves as of 2017, ranking 13th in the world and accounting for about 1% of the world's total natural gas reserves of 6,923 Tcf. Indonesia has proven reserves equivalent to 65.6 times its annual consumption .