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Tuesday, 02 December, 2008, 22:40 GMT | more >>

‘Indonesia to miss oil output target’



By Upstream staff 

Indonesia is expected to miss its oil production target this year of 965,000 barrels of oil equivalent, the country’s Energy and Mineral Resources Ministry said.

The ministry said the country could miss the bar by 12,000 barrels as oil producing companies revise down their targets, the Jakarta Post reported.

It said the estimate was based on the latest full-year production estimates from companies producing oil in the country. While US giants Chevron and ConocoPhillips reportedly said their production would complete, several producers, including state player Pertamina, said output would fall.

Analysts blamed the shortfall, the fifth consecutive annual fall, on aging fields and a lack of new exploration.

Indonesia, an Opec member, is a net importer of oil.


Monday, 28 April, 2008, 06:37 GMT  | last updated: Monday, 28 April, 2008, 06:37 GMT

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