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Indonesia’s oil and gas reserves will probably fall over the next ten years, the Business Monitor said.

Oil reserves could decline to 3.7 billion bbls by 2017 and 3.4 billion bbls by 2022.

Gas reserves will probably fall to 2.80 trillion m3 by 2017 and 2.51 trillion m3.

But the country could see reserves grow if it relaxes its nationalist stance on resources, the report said.

Business Monitor expects total liquids production to rise from 919 670 bpd in 2013 to 926 180 bpd in 2014 due to major fields that are due to come onstream.

Aging infrastructure and fields suggest the country will struggle to meet production targets in the short term, the U.S. Energy Information Agency said earlier this year.

From 2017 onwards however a downward trend is expected with a low of 808 280 bpd in 2022, Energy Global reported.

Refining capacity is expected to stay stagnant until 2015, with no new development plans in the works.

Indonesia was the world’s eighth largest net exporter of natural gas in 2011. The majority of exports go to Japan as LNG shipments and to Singapore via pipeline connections, the EIA said.

It was the third-largest exporter of liquefied natural gas (LNG) in 2011, following Qatar and Malaysia.

Natural gas production is likely to remain stagnant at 76.7 billion m3 to 2022, the Business Monitor said.