Jakarta. President Prabowo Subianto on Wednesday reaffirmed his administration’s commitment to achieving national energy self-sufficiency, warning that Indonesia’s heavy reliance on imported oil and gas costs the country a staggering $40 billion a year.

Speaking at the Indonesian Petroleum Association (IPA) Convention and Exhibition in Jakarta, Prabowo described the current energy import bill as a significant drain on the national budget -- funds that he argued could be better used to uplift public welfare.

“This money should be redirected toward education, healthcare, and eradicating poverty,” Prabowo said, underlining the urgency of transitioning toward domestic energy production.

He stressed that energy and food security form the bedrock of a nation’s sovereignty. Without the ability to meet its basic needs independently, Indonesia remains vulnerable to external shocks.

“The sovereignty of a nation is guaranteed by its ability to feed its people and supply its entire energy needs,” he said.

Targeting 1 Million Barrels a Day by 2029
The Prabowo administration is targeting a boost in domestic oil production to 1 million barrels per day (bpd) by 2029, up from the current output of around 600,000 bpd. The initiative is part of a broader push to reduce energy imports and regain Indonesia’s former status as a major energy producer.

Minister of Energy and Mineral Resources Bahlil Lahadalia noted that Indonesia once produced 1.5 million bpd in the 1990s, with domestic consumption accounting for only a third of that volume. During that era, oil and gas contributed up to 40 percent of state revenue, he said.

Bahlil expressed optimism that Indonesia can reclaim similar levels of output, thanks to strong performance from multinational energy firms operating in the country, including ExxonMobil and ENI.

“ExxonMobil currently produces between 155,000 and 160,000 bpd, and by July or August, that’s expected to rise to 185,000-190,000 bpd,” said Bahlil.

He added that ENI is projected to contribute an additional 90,000 bpd by 2027-2028, not including a recent production increase of 20,000 bpd.

State-owned energy giant Pertamina remains the backbone of the country’s oil output, accounting for 60 percent of national production.