New Zealand Oil and Gas (NZOG) has acquired a 90 percent stake in an onshore Indonesian exploration license for $7 million . . . although Indonesia is the 23^rd largest oil producer in the world with reserves of 3.99 billion barrels of oil (bbl), it is currently a net importer of oil . . . an initial exploratory well is expected to be completed by NZOG in the first half of 2012 . . . Indonesia also awarded permits to Canadian based-Niko Resources Ltd. and British Serica Energy Plc . . . Indonesia has turned to foreign investment to help boost its declining oil production, which has shrunk due to aging oil fields and outdated equipment . . . the oil exploration also expands upon the strong ties between Wellington and Jakarta . . . Indonesia received almost $11 million from New Zealand in bilateral aid in 2011, the most New Zealand gave to any Asian county.