The Indonesian government is prepared to spend US$1 .1 billion on oil and gas exploration to address a rising decrease of oil and gas, which is anticipated to begin in 2015 and reach its peak in 2050.
Additionally, the government also has worked capital dedication of US$2.1 billion, of which $1 .1 billion will be used for adventure activities, Vice Minister of Power and Mineral Sources Arcandra Tahar stated here on Tuesday.
“The finance can be used to conduct exploration in the next 5 to 10 years . We hope the fund will continue to boost,” he noted in a seminar on Indonesia`s balance of power.
He added that the exploration fund resulting from work capital commitment from contracts under a gross split plan is far higher than the earlier exploration finance, which reached $5 million. The fund was so small that lots of areas have not been explored.