The Republic of Indonesia is an archipelago comprising approximately 17,508 islands covering some 1.9 million km2, located in Southeast Asia and Oceania. It has 34 provinces and shares land borders with Papua New Guinea, East Timor, and Malaysia. Other neighbouring countries include Australia, Singapore, Philippines, Palau, and the Indian territory of the Andaman and Nicobar Islands. The capital city is Jakarta, located on the western end of the island of Java.
Indonesia is a member of the G-20 group of major economies and ranked as the world’s 16th largest economy with an estimated nominal GDP of over US$888 billion. It has seen resurgence since the Asian financial crisis in 1997, averaging GDP growth of 5.5 per cent per annum from 2011 to 2015. The country is now seen as an emerging and vibrant democracy, with a growing economy, and as a serious contributor on the regional and international stage.
Indonesian oil and gas
Indonesia is the fourth-largest country by population in the world and is a significant oil and gas producer with estimated oil and gas production of 949,000 bopd and 6.6 BCF per day in 2017 according to BP (Statistical Review 2018), at least half of which is located on the island of Sumatra.
Indonesia’s oil and gas sector provides significant opportunities for Andalas; the Company has identified multiple project opportunities in the region. Its due diligence has been focused on those high-quality projects that meet or exceed its internal investment criteria, which are as follows:
In August 2018, Andalas announced that it had conditionally acquired an interest in the Bunga Mas PSC, which is based in South Sumatra.