BPMIGAS says oil production target only 950,000 bpd for next year

Indonesia targets oil production at 950,000 barrels per day (bpd) for next year, lower compared to the 2008 target of 977,000 bpd, upstream oil and gas regulator BPMIGAS said.

The decrease was because Chevron Pacific Indonesia's(CPI) oil production would continue to decline significantly while the output from the new oil blocks, which are expected to come onstream in 2008-2009, were still limited, BPMIGAS Chief R. Priyono said at parliamentary hearing on Thursday.

He said that in 2009 oil production will mostly come from five main producers, that is CPI with a total output of 380,200 bpd, Pertamina E&P (own + 6 JOB + 24 TAC) with 125,500 bpd, Total Indonesie E&P with 91,270 bpd from East Kalimantan fields, CNOOC with 43,950 bpd and ConocoPhillips with 42,950 bpd from Natuna Block B. (bernard)