Oil production down to 907,000 bpd by mid May: BPMIGAS

The country?s average oil production this year declined to 907,000 barrels per day (bpd) by mid May from the 911,000 bpd average registered between January and April, the upstream oil and gas regulator BPMIGAS said on Wednesday.

There are various reasons for the weak oil production including aging oil fields, production decline in a number of oil blocks, and low exploration activities by oil and gas contractors, BPMIGAS spokesperson Gde Pradnyana.

The latest oil production figure is much lower than the government?s target of 970,000 bpd as set in the 2011 State Budget. (*)