The Indonesian government aims to invest $43 billion this year in the energy and mining sectors, up from $27 billion last year, Energy and Mineral Resources Minister Ignasius Jonan said Thursday.
The year-on-year increase comes after the Energy and Mines Ministry made it easier to secure permits, Jonan said.
The $43 billion figure comprises $23 billion of oil and gas, $13 billion in electricity, $6 billion in the mineral and coal sectors and $1.6 billion in renewable energy.
The oil and gas investment is up sharply from the realized figure of $9.8 billion for 2016.
Last year electricity investment reached $8.1 billion, mineral and coal $7.2 billion and renewable energy $1.6 billion, Jonan said.
Indonesia is trying to attract investors, particularly in oil and gas since the sector provides the largest contribution to the state budget.
The country's oil production has been declining in the last decade due to maturing fields.
The country's oil and gas proven reserves stand at 3.7 billion barrels and 101.54 Tcf. Potential shale gas reserves are estimated at 574 Tcf.
The shale gas potential is higher than the coal bed methane and natural gas potential of 453.3 Tcf and 334.5 Tcf, respectively, according to ministry data.
