Annual production to average 870,000 bopd: BPMIGAS
Wednesday, October 17 2012 - 09:03 AM WIB
Upstream authority BPMIGAS estimates that full-year production would only average 870,000 bopd, below the 930,000 bopd target as stipulated under the 2012 State Budget Revision.
The estimate was revealed by Chairman R. Priyono during a hearing with the House of Representatives? Commission VII on energy affairs on oil lifting on Wednesday. ?Based on realized production until September, and on outlook for the next three months, production average is estimated at 870,000 bopd,? he told lawmakers.
The figure could have even reached as low as 660,000 bopd only had the agency and oil contractors not been doing special efforts to retain production rates in certain key projects such as put on production (POP), well workovers and maintenances.
"Without those efforts, production could have averaged 660,000 bopd by the end of the year,? he said.
Production mostly comes from 3 PSC holder, namely PT Chevron Pacific Indonesia with 343,000 bopd, PT Pertamina (128,000 bopd) and Total E&P Indonesie (66,000 bopd).
At present, according to Priyono, reserves of crude oil which are not included in the lifting calculation stand at 11 million barrels.
Editing by Dadan Wijaksana