The Indonesian government recently announced an important plan aimed at enhancing the country's energy self-sufficiency through the construction of new oil storage facilities. This plan is an important component of Indonesian President Prabowo's energy self-sufficiency strategy, aimed at addressing Indonesia's severe dependence on imported oil and enhancing the resilience of Indonesia's energy supply.

It is reported that a new oil storage facility will be built on an Indonesian island near Singapore, aimed at storing various types of petroleum products. Indonesian Minister of Energy and Mineral Resources Bakhri stated that this plan will help Indonesia reduce its dependence on imported oil and lower costs associated with third-party storage, transportation, and intermediary fees. He emphasized that although Singapore is not an oil producing country, Indonesia imports up to 60% of its oil from Singapore, and this situation urgently needs to be changed.

Bachri pointed out that the new oil storage facilities will have sufficient capacity to ensure that Indonesia can maintain oil supply for at least 30 to 40 days in the face of war or other major crises. He mentioned that currently Indonesia's oil reserves can only last for 21 days, and the new facilities will significantly enhance this capability. This measure will help Indonesia better cope with external risks and ensure national energy security.

To achieve the goal of reducing energy import costs, the Indonesian government is taking multiple measures. In addition to building new oil storage facilities, the government also plans to restart idle oil wells. According to the Indonesian Ministry of Energy and Mineral Resources, Indonesia has nearly 45000 oil wells, of which 16600 are idle. The government plans to optimize these idle oil wells to increase national oil production and reduce import demand.

Bahri also mentioned that the new oil storage facilities will allow Pertamina, the Indonesian national oil company, to purchase oil in bulk and make purchases when international oil prices are more reasonable. This will help Indonesia's national oil company obtain better prices in the international market and reduce procurement costs.

In addition, the Indonesian government is actively promoting energy transformation and vigorously developing renewable energy. The government hopes to reduce dependence on fossil fuels and achieve sustainable development through diversified energy structures. However, in the current energy landscape, oil remains an important component of Indonesia's energy supply, so enhancing energy self-sufficiency remains of great significance.