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View all search resultsUpstream oil and gas regulator BPMigas announced Friday that oil lifting (oil sold) in September reached 967,150 barrels per day (bpd), jumping significantly from 878,800 bpd in August and 877,370 bpd in July
pstream oil and gas regulator BPMigas announced Friday that oil lifting (oil sold) in September reached 967,150 barrels per day (bpd), jumping significantly from 878,800 bpd in August and 877,370 bpd in July.
BPMigas deputy for operation Rudi Rubiandini said the agency estimated that the figure would drop to 940,020 bpd in September, 932,960 bpd in November and 940,080 in December.
“Oil lifting is not directly related to the rate of oil production. Lifting is more related to the availability of vessels and weather conditions. Therefore, during one month the number could be low, while in another month the numbers might soar significantly,” he told reporters during a telephone interview.
The country’s oil production was stored in tanks before being sold and shipped to buyers, he said. The government usually decides to release oil stocks to stabilize revenues from oil sales in October.
“We usually sell around 5 million barrels [equivalent to 15,000 bpd] from our oil stock. Our current
stock is 11 million barrels, but we can’t release it all. We have to keep between 6 and 7 million barrels,” Rudi said.
He revealed, however, that the 5 million barrel stock had not been sold this month. The stock might be released next month because the agency needed to first find tanker vessels to transport the oil.
For production, Rudi said that the rate should actually increase, but due to a vessel fire in which China-based CNOOC lost 15,000 bpd of oil, the rate was still below expectations. Thus, this month the production rate stood at between 912,000 and 918,000 bpd.
“If there is no disturbance, the rate should reach 930,000 bpd because the production of Chevron and Pertamina has risen over the past several months,” Rudi said.
The government earlier revised this year’s production target from 970,000 bpd to 945,000 bpd. To achieve the target, BPMigas calculated that production must reach 953,305 bpd in August, 959,054 bpd in September, 962,808 bpd in October, 968,118 bpd in November and 967,484 bpd in December.
ReforMiner Institute energy expert Pri Agung Rakhmanto told The Jakarta Post that there was no way the country could achieve the target of 945,000 bpd, saying “the target is unrealistic”.
“What the government can do now is prevent unplanned shutdowns and optimize current production so that production doesn’t fall again,” he said.
BPMigas said earlier that given current trends this year’s production might not be more than 920,000 bpd.
Indonesia also failed to reach its oil production goal of 965,000 bpd last year, producing only 954,000 bpd, or 1.1 percent below target.
Rudi hoped that Indonesia could produce 930,000 bpd next year, although the government aims to produce 950,000 bpd.
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