In 2012, Indonesia approved 47 proposals for the development of oil and gas blocks, which will generate $18.9 billion in revenue. The blocks that involve a combined investment of $21.3 billion are expected to produce 216 million barrels of crude oil, 4.1 trillion cubic feet of natural gas, and 7.6 million barrels of liquefied petroleum gas. The government typically receives 85 per cent of oil revenue and 65 per cent of natural gas revenue, with the remainder to be divided among contractors. Indonesia is a major producer of natural gas, most of which is exported to countries such as Japan, China, South Korea, and Singapore. However, the country aims to reduce the proportion of these exports and increase domestic consumption in order to reduce its reliance on petroleum products.
