BPMIGAS to cut Belanak oil export in 2006: Report

Indonesian upstream oil and gas authority BPMIGAS may reduce its monthly exports of Belanak crude oil by a third to 400,000 barrels next year to feed the domestic market due to persistently high oil prices, industry sources was quoted by Reuters as saying on Monday.

BPMIGAS, according to the report, plans to issue a semi-term 3-6 months tender in December, to sell the light sweet crude with loading to start from January.

BPMIGAS supplies 600,000 barrels of Belanak crude under an existing term contract to a European trader between September and December. The price was at a discount of $1.50-$1.70 a barrel to the Minas Indonesia Crude price (ICP).

ConocoPhillips operates the Belanak field in Natuna Sea Block B with 40 percent working interest.(*)