Pertamina able to meet OPEC Quota
Saturday, June 24 2000 - 04:30 AM WIB
State owned oil and gas company Pertamina is upbeat it will be able to meet its new crude oil output quota of 1.317 million barrels per day (bpd), Mandiri reported on Saturday.
The Organization of Petroleum Exporting Countries agreed on Wednesday in Vienna to pump an extra 708,000 bpd of crude oil from July 1. Indonesia's quota will increase to 1.317 million bpd from 1.28 million bpd.
There had been doubts among some sectors of the industry whether Indonesia, with its aging oilfields, could meet its new output limit.
"However, Indonesia needs about one month for some contractors to produce more from their oil fields from current output," a Pertamina official who declined to be named told Reuters.
Oil industry sources said Indonesia currently produces about 1.30 million bpd and 125,000 bpd of condensate. They said many of Indonesia's oilfields, operated by contractors, are ageing.
"Indonesia will find it difficult to add to its oil output, even by only 17,000 bpd," one source said. (*)