BP Migas predicts oil production at 950,000 bpd

BP Migas predicts oil production at 950,000 bpd

(ANTARA/Yudhi Mahatma/10)

Jakarta (ANTARA News) - Upstream Oil and Gas Regulating Agency (BP Migas) has predicted that Indonesia is only able to produce 950,000 barrels of oil and condensate per day in 2011.

BP Migas chief R Priyono said here on Sunday that his side would face difficulty to achieve the target of 970,000 barrels per day (bpd) as set in the 2011 state budget.

"We predict that our oil and condensate production would only reach about 950,000 bpd up to the end of the year," R Priyono said.

He said that his office would discuss with the government a revised assumption of oil production in the 2011 state budget.

Priyono said that at present the oil production was still about 910,000 bpd.

"Thus, to achieve the 950,000 bpd the remaining production this month must be set at an average of 970,000 bpd," he said.

He said that efforts carried out so far to increase production were among others to prevent the unplanned shutdowns particularly in the work areas of ConocoPhillips and PT chevron Pacific Indonesia.

PB Migas will also offset the declining production rate which at present is about two percent to below one percent, or at least similar to the achievement made in 2010.

He said that production in 2012 was still estimated at 950,000 bpd.