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Indonesia may miss oil target this year: SKKMigas
Indonesia is likely to miss this yearâs oil output target as more than 10 oil firms have recently revised down their oil production targets due to project delays, the countryâs Upstream Oil and Gas Regulatory Special Task Force (SKKMigas) has said
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ndonesia is likely to miss this year's oil output target as more than 10 oil firms have recently revised down their oil production targets due to project delays, the country's Upstream Oil and Gas Regulatory Special Task Force (SKKMigas) has said.
SKKMigas predicted on Friday that Indonesia would produce 812,000 barrels per day (bpd) of crude oil this year although the target had been 825,000 bpd.
The lower figure, SKKMigas said, was caused mainly by a production delay in ExxonMobil's Cepu oil block in Java following a riot earlier this month.
SKKMigas spokesperson Elan Biantoro said on Friday that Cepu block missed its 100,000-bpd oil production target this month and was currently only producing 80,000 bpd.
Elan said that Cepu block would meet production targets by October and then peak at 225,000 bpd by the end of December.
However, Elan said that SKKMigas was still upbeat that Indonesia would meet the target following the opening of several new projects.
"I hope [the new projects] can compensate for recent losses,' Elan said, as quoted by tempo.co.
As of July 2015, the country's oil output reached 765 bpd and gas production reached 6,609 million standard cubic feet per day (mmscfd), below the targeted 6,835 mmscfd. With these outputs the state earned US$9.15 billion, below the targeted $14.99 billion. (ika)
