Indonesia Oil: Net Importer, Pertamina & OPEC History
Indonesia consumes about 1.63 million barrels of petroleum per day (2024), #13 among the countries tracked here. Indonesia was once an OPEC exporter, but crude output has fallen for three decades while demand kept growing, turning it into a large net importer that leans on state company Pertamina and subsidized fuel prices.
Key Figures
| Measure | Value | As of / source |
|---|---|---|
| Petroleum consumption (#13 of tracked) | 1.63 Mb/d | 2024 · EIA |
| Net importer since | 2004, when domestic demand overtook production | EIA |
| Crude production | Peaked near 1.6 million b/d in the early 1990s and has fallen to roughly 600,000 b/d, a decline of more than 60% | OilPrice.com / Indonesia Investments |
| National company | Pertamina; about 80% of its fields are old, and lifting output needs large outside investment | Indonesia Investments |
| OPEC membership | Suspended in 2009, rejoined in January 2016, and suspended again at the end of 2016 | EIA / OPEC |
| 2026 import bill | Oil and gas imports rose 82.5% year on year in April 2026 to about $4.6 billion | GK Group, citing Indonesian trade data |
Rankings and comparisons: world production & consumption · reserves by country · biggest oil companies.
From Exporter to Importer
What changed
- Older fields declined and new discoveries were too small or too slow to replace them, while a growing middle class raised fuel demand.
- Retail fuel prices have been partly subsidized, so the government compensates Pertamina when crude prices rise, tying oil-price spikes directly to the budget.
What to watch
- Licensing and investment terms for aging fields and new frontier basins.
- The scale of fuel-subsidy compensation when crude is expensive; compare current benchmarks on Brent crude.
- Indonesia's place in the group of large importers ranked on world production and consumption.
Oil Companies Operating in Indonesia
| Company | Type | Ownership |
|---|---|---|
| Cenovus Energy | Independent producer (public) | Publicly traded; listed in Toronto and New York. |
| Eni | National oil company (state-owned or state-controlled) | The Italian Ministry of Economy and Finance has de facto control with about 33.1% of the shares: 2.17% directly and about 30.9% through Cassa Depositi e Prestiti. |
| Pertamina | National oil company (state-owned or state-controlled) | Indonesian state-owned; one of the state enterprises brought under the Danantara state investment agency. |
From the oil company directory: companies with material producing operations here or headquartered here, hand-curated from company filings.
Indonesia Oil FAQ
How much oil does Indonesia consume?
Indonesia consumes about 1.63 million barrels per day of petroleum and other liquids (2024), ranking #13 among the countries tracked here. Source: EIA international statistics.
Is Indonesia in OPEC?
Not currently. Indonesia suspended its membership in 2009, rejoined in January 2016 and suspended it again at the end of 2016, and is not among the 11 members listed on the OPEC production page.
Why did Indonesia become a net oil importer?
Domestic production has declined since the mid-1990s while consumption grew, and by 2004 demand exceeded output, according to the EIA.
Which oil companies operate in Indonesia?
The oil company directory lists Cenovus Energy, Eni, Pertamina with producing operations in Indonesia. See the directory for who owns each company and which basins it works.