RI aims to reach higher oil lifting of 900,000 bpd next year

Indonesia?s oil lifting for next year is targeted to increase to 900,000 bpd, compared to this year?s revised target of 818,000 bpd.

The 2015 oil lifting target was approved by the House of Representatives Commission VII on energy during a hearing Monday with the government on the macro economic assumptions of the proposed 2015 state budget.

The government, represented by Coordinating Minister for the Economy Chairul Tanjung, has earlier proposed for a lower lifting target of 845,000 bpd after taking into account production data of Indonesian oil and gas fields including the planned 2015 average production of the Cepu Block of around 119,000 bpd. Average production at the block currently stands at 29,000 bpd.

Other economic assumptions/targets agreed during the 2015 state budget draft hearing include gas production of 1.25 mmscfd, Indonesia Crude Price (ICP) of US$105 per barrel, and subsidized fuel quota volume of 46-47 million kilo liters, or lower than the 48 million kilo liters proposed earlier by the government.

Editing by Reiner Simanjuntak