Peak Oil News: Indonesia's Proven Oil Reserves Only Enough for 12 Years

Tuesday, February 22, 2005

Indonesia's Proven Oil Reserves Only Enough for 12 Years

Money Plans - Banking and Finance News Indonesia

Indonesia's proven reserve of oil has been reduced to 6 billion barrels of 1 per cent of world petroleum reserves, an official said.

Deputy chairman of the oil fuel socialization team Hardy Prasetyo said the reserve will last only for the next 12 years with a daily output of 1 million barrels per day.

Prasetyo said the country's potential reserves are estimated at only 4.82 billion barrels.

The dwindling reserve will leave a serious problem in the next 10 to 20 years, he added.

He said oil is a renewable energy source but oil reserves will take 150 million years to recover after depletion.

He said the country's demand for oil fuel rises 5 per cent annually resulting in growing imports from year to year.


2 Comments:

At 1:03 PM, February 23, 2005, Anonymous Anonymous said...

"He said oil is a renewable energy source but oil reserves will take 150 million years to recover after depletion." - That is one of the funniest things I've read in ages - what drugs is he taking?

 
At 11:13 PM, June 23, 2008, Anonymous Anonymous said...

The ugliest thing is he didn't realized that oil and gas is unrenewable source because they came from fossil's boundary at the source rocks. It was totaly different with water or solar energy. How funny it is...

 

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