Indonesia’s upstream picks up the pace

The government is optimistic that increasing offshore activity and exploration will help revive flagging production, despite energy security fears

Upstream activity in Indonesia is set to accelerate this year with a wave of new projects reaching startup. Boosted by several deepwater discoveries and fresh acreage offerings, Southeast Asia’s largest oil and gas producer aims to revive crude output and has set a 2030 target of 1m b/d, as well as 12bcf/d for gas. State oil and gas firm Pertamina is guiding 4% growth across its portfolio this year, increasing crude from 400,000b/d in 2024 to 416,000b/d in 2025. For gas, the modest 82mcf/d rise takes volumes from 2.4bcf/d to 2.5bcf/d. 1m b/d – Indonesia’s 2030 crude target Several key operators are also looking to ramp up production. In late May, Italian E&P firm Eni announced ga