RI to produce 1 million barrels of oil in 2012

Energy and Mineral Resources Ministry has pushed forward its plan to produce 1 million barrels of oil into 2012, which is two years sooner than its initial plan in 2014.

“We will boost production in Cepu Block and in private oil company Chevron’s field,” director general of oil and gas Evita Legowo said Wednesday as quoted by tempointeraktif.com.

Even so, Evita said that the oil production rate was not in line with investor quantity. “The more investors within work fields does not mean an increase in production,” she added.

The energy ministry offers 50 new work fields every year. However, the target has always been missed due to a limited period during the bidding process that hampers possible investors in studying the work fields.

“Last year, we only managed to offer 30 work fields,” said Evita.