Indonesia Coal, Oil May Be Depleted in 10 Years
June 17, 2013 Leave a comment
Indonesia Coal, Oil May Be Depleted in 10 Years
By Tito Summa Siahaan on 9:26 pm June 14, 2013.
Indonesia may find itself without the fossil fuels crude oil and coal in the next decade, unless there are major new discoveries, according to an annual report released by British energy giant BP.
The Statistical Review of World Energy 2013, which was released on Thursday, showed that Indonesia may run out of oil by 2024, holding constant the figures for production and proven reserves.
The report showed oil production from the Southeast Asian nation stood at 918,000 barrels per day last year, with remaining reserves at 3.7 billion barrels. Oil consumption was 1.56 million barrels in 2012.Indonesia’s rapidly declining oil reserves have attracted attention. In the past decade, Indonesia’s reserves have declined by 21 percent, in contrast to the overall
26 percent increase worldwide.
Lack of successful exploration and maturing wells are viewed as the reasons why Indonesia lost its oil exporting nation status in 2003, subsequently leading to its decision to exit the Organization of the Petroleum Exporting Countries in 2008.
“World proven oil reserves at the end of 2012 reached 1,668.9 billion barrels, sufficient to meet 52.9 years of production,” according to the BP report.
Coal, which is plentiful in Indonesia, is expected to be completely depleted in the next 14 years, according to the report.
Indonesia’s coal reserves were estimated at 5.5 billion metric tons, compared to global reverses of around 860 billion tons. Last year alone, 237.4 million tons of coal were mined in Indonesia, with roughly
70 percent of output shipped to the world’s larger economies, like China and India.
Global coal reserves were estimated at around 860.9 billion tons last year, or the equivalent of 109 years of production.
While lagging behind in terms of development, Indonesia has greater proven reserves of natural gas, estimated last year at 2.9 trillion cubic meters. That’s amounts to 19.1 billion barrels of oil equivalent.
Output, meanwhile, was 71.1 billion cubic meters last year, or enough to sustain production for roughly 41 years.
In the past 10 years, the country has seen natural gas reserves climb 12 percent, although this is barely 50 percent of the rate of growth globally, at 21 percent.
About bambooinnovator
Bamboo Innovator 