Govt cuts lifting target

The government revised down this year's oil and gas lifting target to 2,080,000 boepd, from 2,260,000 boepd, on the back of several operation disruptions and higher-than-expected natural decline in some fields.

The new target was incorporated in the Revision to the 2013 State Budget Draft submitted by the government to the House of Representatives on Wednesday.

J. Widjonarko, Deputy Chairman of upstream authority SKK Migas, told the hearing that the lower target was caused mostly by disruption that delayed some scheduled activities, such as the leakage in shipping line to Dumai.

"This is exacerbated by the sharp decline in a number of other fields," he said in a statement, without elaborating further.

Other revisions in the draft included assumption for oil price, which has been set at US$108 per barrel from $100 previously, and quota for subsidized fuels from 46 million kl to 48 million kl.

The revision requires the House's approval before coming into effect.

Editing by Dadan Wijaksana