PL: Indonesia to fall short of 2011 oil output target - BPMigas
Jakarta (Platts)--25May2011/713 am EDT/1113 GMT
Indonesia's crude and condensate production this year will likely average between 933,000 b/d and 945,000 b/d, below its target of 970,000 b/d as a result of unplanned shutdowns, the chairman of upstream regulator BPMigas said Tuesday.
"The average production this year is expected reach 933,000 b/d in minimum or 945,000 b/d in maximum," R. Priyono said in a parliamentary hearing.
BPMigas had warned earlier this year that there were some issues which have affected the country's production, including unplanned shutdowns.
Gas production is now expected to average 7.808 Bcf/d, exceeding its target this year of 7.769 Bcf/d, Priyono said.
Total crude and gas production is expected to average 2.279 million b/d of oil equivalent compared with the target set in the 2011 state budget of 2.310 billion boe/d, Priyono added.
The country's oil and gas revenue in 2011 is now seen reaching $31.088 billion, well above the target of $26.554 billion, as crude and gas prices are expected to be higher than previously forecast.
"Crude oil and gas prices were expected to reach $80/barrel and $6.34/MMBtu, respectively. However we see that the realized figures will likely reach $95/barrel and $8.19/MMBtu, respectively," Priyono said.
Indonesia's crude and condensate output has been steadily sliding for at least the last decade because of natural declines at aging fields. But the government hopes to be able to produce 1 million b/d of crude and condensate by 2013.
The country failed to achieve its 2010 crude target of 965,000 b/d, pumping only 947,000 b/d. However the country exceeded last year's gas production by 17.4% to 8.88 Bcf/d from a target of 7.56 Bcf/d.
