Analysis of Crude Oil and Condensate Production in Indonesia indicates a consistent decline from 2013 to 2023. In 2013, production stood at 825.0 thousand barrels per day, decreasing to 602.33 thousand barrels per day in 2023. The decline has been more pronounced in recent years, with year-on-year decreases of 7.13% and 1.51% in 2022 and 2023 respectively. The Compound Annual Growth Rate (CAGR) over the last five years shows an average decline of 4.84% per year.
Looking forward, the forecast predicts a continued but slower decline, with a five-year CAGR of -0.9%, and production expected to reach 567.57 thousand barrels per day by 2028.
Future trends to watch for include:
- Potential government interventions and investments to curb the declining trend.
- Technological advancements in extraction methods.
- Impact of global energy transition policies on domestic production trends.
