Govt revises downward 2014 crude lifting target

The government will soon revise downward the country?s oil lifting target for this year to 820,000 bpd from 870,000 bpd amid production obstacles in several wells, reports said Saturday.

Vice Minister of Energy and Mineral Resources Susilo Siswoutomo was quoted as saying that one of the reasons for the downward revision was the delay of production schedule at the giant Cepu block from May to November of this year.

The block, located in the border of Central and East Java, is targeted to produce 85,000 bpd of crude in November 2014, and to rise to the peak level of 165,000 bpd in December.

Aside from the Cepu block, the government is seeking production from 26 new fields that would start operating this year, which are targeted to produce a combined 15,000 bpd of crude. (*)