Prabowo has vowed to boost energy security for Southeast Asia's largest economy, while also pledging to phase out coal power and reach net-zero emissions by 2050.
"Achieving national energy self-sufficiency is vital for the independence of our nation," he said.
"If we are able to reach energy self-sufficiency, we will save tens of billions of US dollars."
The $600-million projects operated by Indonesian firm Medco E&P Natuna in the South Natuna Sea aim to produce 20,000 oil barrels per day, energy and mineral resources minister Bahlil Lahadalia said.
Prabowo pledged at last year's G20 summit to close hundreds of coal and fossil-fuel power plants by 2040 in the archipelago nation, one of the world's top coal producers and consumers.
The government also says it wants to build over 75 gigawatts of renewable energy capacity by 2040.
The Institute for Essential Services Reform (IESR), a Jakarta-based energy think tank, estimated Indonesia would need $27 billion by 2040 to shut down coal power plants that generate a total capacity of 45 gigawatts.
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