BP Migas head R Priyono told the House of Representatives (DPR)`s Commission VII on energy affairs here on Tuesday that the estimate was still about 96-97 percent of the 2011 state budget assumption at 970,000 bpd.
The main constraint for the achievement of the target was unplanned shutdowns, he said.
He said that national oil production was estimated to be a maximum of 945,000 bpd.
"But the figure will still experience a decline as a result of production fluctuations of 12,000 bpd so that we estimate production to be at between 933,000 and 945,000 bdp," he said.
In the meantime, gas production would exceed the 2011 state budget target. "The gas production outlook will be brighter," he said.
He said that gas production in 2011 was predicted to reach 7,080 Million Metric Standard Cubic Feet per Day (MMSCFD) or 100.5 percent of the 2011 state budget at 7,769 MMSCFD.
As a whole, the oil and gas production in 2011 was estimated at equivalent 2.279 million barrels per day or 98 percent of the budget at equivalent 2.31 million barrels per day.
However, Priyono also pointed out that the price increase of oil and gas in the world market would put the state revenue in this sector at level higher than the target in the 2011 state budget.
Up to the end of the year, state revenue from oil and gas is expected to reach 31.088 billion US dollars, or 17 percent over the state budget target of 26.554 billion US dollars, he said.(*)
Editor: Heru Purwanto
Copyright © ANTARA 2011
