Govt revises 2008 oil production target to one million barrel

The government has revised downward the country's oil production target to 1 million barrels per day (bpd) in 2008 from 1.034 million bpd previously.

 

The revision is intended to maintain the sustainability of the country's oil reserves, said Energy and Mineral Resource Minister Purnomo Yusgiantoro at a hearing with the House's Commission VII in Jakarta on Monday.

 

"There is a change in paradigm over sustainability. Are we going to set production to maximum level or (prioritize) sustainability over maximum level of production? Based on our calculation, the production will drop to 1 million barrels per day" he said.(Bernard)