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Indonesia Plans to Produce 825,000 Barrels of Oil per day 2015

30/01/2015 by Sharon Shahzad

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Indonesia intends to produce 825,000 barrels of oil per day (bopd) in 2015, or 3.9 percent more than the 794,000 bopd of realized production last year, according to the target set by the House of Representatives' Commission VII (Commission VII), which oversees energy affairs in parliament, local daily Jakarta Globe reported Thursday.

Energy and Mineral Resources Minister Sudirman Said proposed a production target of 849,000 bopd in his meeting with commission chairman Kardaya Warnika, but the figure was revised down due to the current low oil price environment, which could disrupt some drilling activities.

The former OPEC member uses the country's oil production target as a base for calculating state revenue and spending in its revised 2015 state budget.

Declining production from mature fields in Indonesia has prompted the government to take steps to increase petroleum reserves and production, with the Energy and Mineral Resources Ministry indicating recently its plans to offer eight onshore and offshore oil and gas exploration blocks this year.

Meanwhile, the Ministry disclosed last week that 17 oil and gas contracts will expire between 2015 and 2019.

The contracts for two of these - the Gebang Block in north Sumatra and the Offshore North West Java (ONWJ) production sharing contract (PSC) which are due to expired in end 2015 and end 2017, respectively - have been extended by the government Dec. 23, 2014.

On the Mahakam Block, Acting Director General of Oil and Gas at the Ministry of Energy and Mineral Resources I Gusti Nyoman Wiratmadja told a Jan. 20 hearing with Commission VII that the government would give top priority to state-owned PT Pertamina to take over as operator of the offshore East Kalimantan block, currently operated by Total, when the contract expires in 2017.

This article has been extracted from https://www.rigzone.com, please click on this link to read the article in full https://www.rigzone.com/news/oil_gas/a/136982/Indonesia_Plans_to_Produce_825000_Bopd_in_2015_Up_4_YOY

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