Indonesia's oil production rose 2.6% this month due to increased output from several wells but condensate output dropped 3%, an official at the country's energy watchdog said today.
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Indonesia`s subsidized fuel consumption this year is expected to reach 38.6 million kiloliters, well above the target of 36.5 million kiloliters due to growing needs, an oil and gas official said.
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The government is revising down its net profit target for state-owned oil and gas firm PT Pertamina on the back of lower oil lifting and prices.
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Indonesia’s crude oil sales in the first half of the year fell short of targets due to the impact of bad weather on commodity shipments coupled by disruptions at state oil and gas firm PT Pertamina’s refineries.
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Indonesia's upstream regulator BPMigas Thursday said Japan's Inpex may start construction at the Masela gas block project next year.
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