What does OPEC -- The Organization of Petroleum Exporting Countries -- do when one of its members becomes a net importer of oil? While its natural gas reserves remain significant, Indonesia has extracted three-fourths of its oil. The prize sought by the Japanese in the Pacific theatre during World War II, Indonesian oil reserves are winding down.
Consider the ironies:
(Indonesia mulls OPEC withdrawal The Economist [2008 May 6]
OPEC member Indonesia is considering leaving the oil cartel to concentrate on domestic production, the country's president has said.
See a chronology of Indonesian Energy News reports from the US Embasssy [2005 and earlier]
Yudhoyono Is Declared Indonesia's President, Wall Street Journal (requires subscription) [2004 October 5]
"Indonesia, the only East Asian member of the Organization of Petroleum Exporting Countries, became a net crude-oil importer early this year after domestic production fell sharply following several years with little fresh investment in exploration and production."
Indonesia 2003 Oil Production Drops 8 Percent, by US Embassy Jakarta [2004 April 15]
"Indonesian gross oil production declined for the tenth straight year, dropping by eight percent to an average 1.1 million barrels per day in 2003..."
"Petroleum supply and demand trends in 2001 continued to move Indonesia toward eventual net importer status [webmaster's emphasis], although its net exports still average 330,000 barrels of crude oil and condensate per day. Crude and condensate production in 2001 dropping 5.2 percent, while domestic demand for petroleum fuel products rose 2.9 percent according to preliminary figures. Natural gas production also declined 3.2 percent in 2001, but Pertamina predicts that it will rebound in 2003 to supply domestic and export demand. LNG export receipts dropped 21 percent to US $5.4 billion due primarily to the four-month suspension of ExxonMobil's natural gas production from its onshore fields and the subsequent shutdown of the Arun LNG plant. 
Comments about the Indonesian riots over energy costs in April 1999
|© 1994-2011 Ecotopia