Indonesia expand oil business to Nigeria

The Indonesian government is exploring the possibility to expand oil and gas business to Nigeria in a bid to boost its oil outputs, a minister said here on Friday. Indonesian Coordinating Minister for Economy Hatta Rajasa said that Nigeria is an oil-rich country and one of Indonesia oil and gas firms may purchase oil field in the western African country. "Nigeria is a country which is rich in oil. We want to have an oil block there," Hatta said, quoted by detik.com, one of the leading news portals in the country. Indonesian President Susilo Bambang Yudhoyono just visited Nigeria during his tour to African and Middle East countries in recent days. Both Indonesia and Nigeria agreed to boost economic ties, including cooperation on energy sector. Indonesia has striven to raise oil production which has been dwindled in recent years due to aging wells and lack of fresh investment. The country's proven oil reserve is 4,303.10 million stock tank barrels (MMstb) and potential oil reserve stands at 3,695.49 MMstb, along with a proven gas reserve of 107.34 trillion standard cubic feet (TSCF) and a potential gas reserve of 52.29 TSCF, according to oil and gas watchdog BPMigas.