Indonesia Oil and Gas Sector Report 2025-2026

Indonesia's oil and gas sector underwent renewed momentum in 2024, marking a turning point after several years of stagnation. The year was characterised by rising natural gas production, significant new discoveries and stronger upstream investment - signs of the sector's growing vitality. According to upstream regulator SKK Migas, Indonesia held an estimated 3.39 billion barrels (Bbbl) of oil and 46.64 trillion cubic feet (tcf) of natural gas in proven reserves as of early 2025, reaffirming its position as one of the top five producers in the Asia-Pacific region. Natural gas production increased by 2.6% y/y in 2024, supported by the full operation of BP's Tangguh LNG Train 3, the start-up of the West Belut and Akatara fields, and the successful implementation of several new development plans. Meanwhile, Indonesia achieved an impressive 161% reserve replacement ratio (RRR), surpassing its target and demonstrating sustained exploration success. The government's upstream investment climate also improved notably, with total investment in exploration and production reaching multi-year highs, supported by fiscal incentives, regulatory reforms and strong investor interest in new blocks.

This report provides a complete and detailed analysis of the "Oil exploration and production" sector for Indonesia. EMIS Insights presents in-depth business intelligence in a standard format across countries and regions, providing a balanced mix between analysis and data.

What this report allows you to do:

• Understand the key elements at play in the "Oil exploration and production" sector in Indonesia
• Crystallise the forces both driving and restraining this sector in Indonesia
• Ascertain Indonesia’s position in the global sector
• Build a complete perspective on sector trade, investment and employment
• Understand the competitive landscape and who the major players are
• View M&A activity and major deals
• Gain an understanding of the regulatory environment for the sector in Indonesia.
• Build a clear picture of trends, output and consumption for specific sub-sectors