Total proven oil reserves in Indonesia 2019-2023

As of 2023, Indonesia had approximately 2.41 billion barrels worth of proven oil reserves, indicating an incline compared to the year prior. Oil has been a major sector in the Indonesian economy but has recently become less important due to its finite nature. 

Oil production

Within Indonesia, considerable amounts of oil are found in the Sumatra, Borneo, Java, and West Papua regions. The main oil fields in Indonesia include the Rokan Block in Riau in Sumatra, previously operated by Chevron Pacific Indonesia. After decades, the US-based firm stopped its operations in Rokan Block in 2021, which was then taken over by Indonesia's state-owned oil and gas corporation PT Pertamina. In recent years, domestic consumption has continued to rise while production of oil has been falling. In 2022, Indonesia is also one of the highest oil consumers in the world.

 Oil shortage

A country that was once one of the world's leading oil producers is now facing a shortage. Most of the unexplored oil and gas blocks are in Indonesia's under-developed Eastern regions, such as in Sulawesi, Kalimantan, and Papua. These areas lack necessary infrastructure, capital and other barriers to entry, making it even more expensive to pull new oil out of the ground. Without opening up new oilfields, the country would have depleted its oil reserves in a little over a decade. Due to the costs of opening up a new oil field, few companies are willing to invest in the long-term project.