Jakarta. The government announced Monday that Indonesia registered approximately $32.3 billion in combined investments in the energy and mineral resources sector.

According to Energy Minister Bahlil Lahadalia, the latest figures marked 8 percent growth compared to the $29.9 billion investments recorded in 2023.

A large part of the investments went to the oil and gas sector in 2024, reaching $17.5 billion. Followed by minerals and coal at $7.7 billion. Indonesia’s power generation sector amassed $5.3 billion in investments. Throughout 2024, investors had put around $1.8 billion into Indonesia’s renewables and energy conservation sector.

“The overall energy and mineral resources sector aimed to record Rp 234. 2 trillion [around $14.2 billion] in non-tax state revenue for the entirety of 2024. It turns out we got Rp 269.5 trillion ($16.4 billion) last year,” Bahlil said.

Non-tax state revenue has also been on a decline since 2023. The figures at the time reached Rp 299.5 trillion ($18.2 billion), down from Rp 348.6 trillion ($21.2 billion) in 2022.

Bahlil attributed the decline in 2024 to weakening global commodity prices. The non-tax revenue in minerals and coal saw the biggest drop compared to other sectors, plummeting from Rp 172.1 trillion ($10.5 billion) in 2023 to Rp 140.5 trillion ($8.5 billion) the following year, government data shows. The non-tax revenue of the oil and gas sector went down from Rp 117 trillion ($7.1 billion) in 2023 to Rp 110.9 trillion ($6.7 billion) in 2024. The renewables sector recorded Rp 2.8 trillion ($170 million) in non-tax state revenue, down from Rp 3.1 trillion ($188.5 million).

“But we still believe that the overall non-tax state revenue can still grow,” Bahlil said.