Indonesia Offers Five Oil and Gas Blocks in First Auction for 2024

Indonesia has offered five onshore and offshore oil and gas blocks in its first tender for the year amid efforts to reverse an extended production decline. Indonesia used to be a net oil exporter but this has changed as natural depletion and insufficient new exploration have combined to push its output of hydrocarbons down. As a result, the rate of oil production has been declining, at an average annual rate of 11%, according to the U.S. International Trade Administration. "To meet oil and gas demand, Indonesia is currently focusing its…