fbpx
  • About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Non Banking Insurance

Anticipated production of 1m bpd oil in Indonesia to propel exponential growth of energy insurance

The production target of 1m barrels of crude oil per day will boost the insurance protection business in Indonesia.

The Global Economics by The Global Economics
July 18, 2021
in Ultility, Insurance, Top Stories
Reading Time: 2 mins read
0
1.2k
SHARES
6.5k
VIEWS
FacebookTwitterRedditWhatsAppLinkedInShare Link

The Energy insurance industry in Indonesia is witnessing phases of rapid growth. This industry seems to hold good prospects with ongoing production activities of oil and gas and a projected increase in consumption. Indonesia is witnessing new opportunities in increasing local oil and gas production, thereby reducing its dependence on imported crude oil. The increased focus on the production of oil and gas will create more employment opportunities and also improve the country’s financial security. Indonesia’s oil and gas sector has always been the backbone of the country’s economy. The production target of 1m barrels of crude oil per day will boost the insurance protection business.

Due to the ongoing production activities of oil and gas coupled with a projected increase in consumption, the energy insurance business in Indonesia is being regarded as an industry that seems to hold good prospects shortly. Mr. Eka Bhayu Setta, the head of the Business Strategy, Risk Management and Taxation Division of the Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) expects consumption of oil and gas in Indonesia to grow exponentially in the next 10 years. He feels that since the consumption of oil and gas in the country will still be huge in the future, there is a need to step up production to support this booming demand.

Mr. Eka Bhayu Setta reiterated that production is not an overnight project. He said it is going to continue and will need protection.
The oil and gas insurance business declined for several years until 2019 due to reduced drilling activity since 2010 and also, in part, due to the decline in oil prices. This decline is about to get reversed with the production target of 1m barrels per day set by the President Mr. Joko Widodo and will lead to an increase in coverage by the SKK Migas-KKKS construction project insurance consortium. SKK Migas has big plans to increase field development work with the aim to drill 1000 development wells annually by the year 2025.

Tags: energyinsurancefinancial freedomgasbusinessactivitiesgasfieldsglobalcrudeoilIndonesiaInsurance Solutionsriskmanagementskkmigas
The Global Economics

The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

Related Posts

New passenger trains in the pipeline as UAE’s Etihad rail, Spain’s CAF sign USD327 million deal
Transportation

New passenger trains in the pipeline as UAE’s Etihad rail, Spain’s CAF sign USD327 million deal

by Ritu M R
June 24, 2022
ViewSonic Invests in Metaverse for Education
Technology

New venture for 2022 : ViewSonic Invests in Metaverse for Education

by Ritu M R
June 24, 2022
In new initiative, Saudi Arabia aims to raise digital transactions to 70 percent by 2025
Crypto & Fintech

In new initiative, Saudi Arabia aims to raise digital transactions to 70 percent by 2025

by Ritu M R
June 24, 2022
New in 2022: India provides safety certification via Dubai company for Russian oil tankers
Ultility

New in 2022: India provides safety certification via Dubai company for Russian oil tankers

by Sunil Bolar
June 23, 2022
ECommerce set to influence USD 1 trillion Mena Retail Market
Technology

ECommerce set to influence USD 1 trillion Mena Retail Market, new data shows

by Ritu M R
June 23, 2022
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Facebook Twitter Instagram Youtube LinkedIn Soundcloud
The Global Economics

The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

New passenger trains in the pipeline as UAE’s Etihad rail, Spain’s CAF sign USD327 million deal

New passenger trains in the pipeline as UAE’s Etihad rail, Spain’s CAF sign USD327 million deal

June 24, 2022
Abu Dhabi Islamic Bank and Visa align to foster UAE digital payment growth in 2022

Abu Dhabi Islamic Bank and Visa align to foster UAE digital payment growth in 2022

June 24, 2022
ViewSonic Invests in Metaverse for Education

New venture for 2022 : ViewSonic Invests in Metaverse for Education

June 24, 2022
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Receive the latest news

Subscribe To Our Weekly Newsletter

Get notified about new articles, delivered right into your email inbox.

-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version