Indonesia battles oil production slump with bold new drilling plans

[JAKARTA] Indonesia is banking on 75 newly offered oil and gas blocks to stem its declining domestic output, but analysts warn that the boost may be short-lived unless deeper investment and structural reforms follow.

The government hopes the expanded portfolio will help lift production to 605,000 barrels a day this year and eventually reach its longstanding target of one million barrels by 2030.

But with more than half of Indonesia’s crude oil needs already met through imports and demand still rising, the stakes are high if these new blocks fail to deliver.