Indonesia Oct crude output rises to 1.12 mln bpd: Report
Tuesday, November 5 2002 - 12:17 PM WIB
Indonesia's condensate production was stable at 150,000 bpd in October, unchanged from September.
"Some oil fields have been developed and are boosting output. Crude output rose slightly to 1.12 million bpd in October. But condensate output was stable," one source said.
Another said Caltex Pacific Indonesia, owned by Chevron Texaco produced around 546,000 bpd in October, about the same as September.
Caltex is the biggest oil producer in Indonesia.
Indonesia, hit by a prolonged financial crisis, depends heavily on oil and gas revenue to support its budget.
Indonesia, Asia's only OPEC member, has a quota of 1.125 million bpd from the cartel. Condensate is not included in the quota.
The official at Indonesian oil watchdog BP Migas said the agency was ready to give incentives to any oil contractor to develop marginal oil fields aimed at boosting the country's oil output.
"BP Migas is ready to give incentive in form of interest cost recovery to oil contractors if they develop marginal fields. As long as that field can give benefits both to government and contractors then Balak will say go ahead," Balak official Trijana Kertoatmodjo told Reuters.
Indonesia's Mines and Energy Minister Purnomo Yusgiantoro has said there are about 60 marginal oil fields that have not been developed. If the fields can be developed then it has potential to add production of between 200,000 to 300,000 bpd.(*)