World's Energy

29.05.2008 - [Neftegaz.RU] - Indonesia will quit the Organization of Petroleum Exporting Countries (OPEC) due to years of declining production and investment in the field, a senior official has said. Energy and Mineral Resources Minister Purnomo Yusgiantoro said at a press conference Wednesday that Indonesia, the only Southeast Asian member of the oil cartel will not renew its membership at the end of this year, which means that Indonesia will lose its vote at OPEC to influence global oil prices. But he emphasized that Indonesia could rejoin OPEC if its production increased in line with an ongoing effort to boost capacity. The government of Indonesia raised oil prices by 28.7 percent on May 24 under the pressure of soaring international oil price, and triggered some small-scaled demonstration. Aging wells and lack of investment in the energy sector have pushed Indonesia to become a net crude oil importer, although it is still a net energy exporter, thanks to a large amount of supply of natural gas and coal. Indonesia has been making efforts to boost crude oil output by finding more new oilfields as quickly as possible. The national Antara News Agency reported on Wednesday that a survey co-conducted by Inpex Masela Ltd and Indonesia's state-run oil and gas firm Pertamina has discovered a major gas deposit in Indonesia's West Timor Sea off East Nusa Tenggara province with an estimated reserve of 10 trillion cubic feet.