Govt raises oil output target this year

The government has targeted the country?s oil production to reach 1.034 million barrels per day (bpd) this year, higher than the 2007 realized output of 912,000 bpd.

Minister of Energy and Mineral Resources Purnomo Yusgiantoro said Monday that the government also targeted natural gas output to reach 1.169 barrels of oil equivalent per day (boepd), slightly higher than the 2007 realized output of 1.120 boepd.

The realized oil output in 2007 was lower than the target of 950,000 bpd.

The government booked Rp 174.48 trillion in revenue from the oil and gas sector last year, Rp 23.32 trillion higher than the target.

For this year, the government has the revenue target from the oil and gas sector at Rp 166.03 trillion. (*)