Financial Sector Stops Funding New Oil and Gas Projects

Summary

Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif said that the impetus for the energy transition to meet greener targets has made the financial sector cease its new funding to oil and gas projects. "The financial sector provides more funds for renewable energy development. This causes lacking oil and gas exploitation," Arifin said during the 3rd International Convention on Indonesian Upstream Oil and Gas 2022 in Nusa Dua, Bali, Wednesday.

Responding to the energy transition impetus, Arifin explained that many oil and gas companies are diversifying their operations by investing in non-core fields, such as the development of renewable energy and electric batteries. "Despite these challenges, oil and gas demand is still growing, especially in developing regions, such as India, Africa, and Asia, where economic growth, urbanization, industrialization, and vehicles will increase significantly," he said.

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