BPMIGAS says oil output reaches 979,602 bpd

Indonesia`s crude oil and condensate production in the first seven months of 2008 reached an average of 979,602 barrels per day (bpd), the Upstream Oil and Gas Executive Agency (BPMIGAS) said.

"We are optimistic that the oil production target of 977,000 bpd set in the 2008 state budget can be achieved at the end of this year," BPMIGAS Chief Priyono said on Thursday.

In July, the country`s oil and condensate production reached 985,426 bpd compared to 982,326 bpd a month earlier, he said.

He further said the country`s gas production in the January-July 2008 period reached 7,489 cubic feet per day (MMSCFD).

The figure was recorded at 7,519 MMSCFD in July and 7,662 MMSCFD in June, he said.

He said he was optimistic the country`s gas production target of 7,800 MMSCF for this year could be achieved although the current gas production figure had fallen short of the target. (bernard)