Oil production target for 2012 set

The Ministry of Energy and Mineral Resources and the House of Representatives Commission VII on energy on Tuesday proposed oil price assumption of US$75-95 per barrel in the 2012 state budget draft.

Meanwhile, oil production target is set at 950,000-970,000 bpd. Commission chairman Teuku Riefky Harsa was quoted by Kompas as saying that the proposed oil price and production assumptions would be further deliberated along with other budget economic assumptions by the House State Budget Committee and the government for approval.

Director General of Oil and Gas Evita Legowo said the government takes into consideration the improving geo political condition in the Middle East and North Africa, and OPEC?s capacity and commitment to stabilize oil price in determining the oil price assumption in the 2012 state budget draft. (*)