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…
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