Indonesia's Oil Lifting Missing Target

The Ministry of Energy and Mineral Resources (ESDM) figured that the targeted oil lifting this year of 965 thousand barrels per day will not be achieved.

According to Head of Monitoring Team on Oil and Gas Production Increase (TP3M) of the ESDM Ministry, Denie S Tampubolon, the average production until mid-year was at 960 thousand barrels per day. However, the national oil lifting on the second half of the year dealt with several issues such as unplanned shutdown and extended maintenance as well as oil offtaker.

On the other hand, the production increase project misses the target. The planned drilling and workover were not fully executed. Due to the issues, the average national oil lifting on July-November 2010 reached 935 thousand barrels per day.

"TP3M estimated that the average national oil lifting in 2010 was at between 947 thousand and 948 thousand barrels per day," said TP3M Head, Denie S Tampubolon, today, Dec 8.

The ESDM Ministry is targeting 970 thousand barrels per day of oil lifting will be achieved by 2011.

Provided the assumed natural decrease of three percent per year, additional oil production of 58 thousand barrels per day from the new project will be required to earn the targeted lifting of 970 thousand barrels per day.

He believed that further monitoring over the production sharing contractors, especially on drilling and workover, must be carried out.

VIVAnews