RI?s oil and condensate production increases in February 2004
Tuesday, April 20 2004 - 02:20 AM WIB
Indonesia?s oil and condensate production has increased to 1,126,634 barrels per day (bpd) in February 2004 from 1,113,507 bpd in January 2004, the Kompas newspaper reported on Tuesday quoting a press release from the ministry of energy and mineral resources.
The ministry said the increase was due to the rise in production from oil fields and the development of new oil wells. The oil without condensate was reached 992,282 bpd in February from 977,791 bpd in January.
Though there was an increase in the production of oil, Indonesia ?s production is still 21.9 percent below the Organization of Petroleum Exporting Countries (OPEC)?s quota of 1,270,000 bpd of oil.
Indonesia?s average oil production has remained at 1,119,900 bpd during January-February period after deducting oil for domestic consumption or 3.5 percent above the 2004 State budget, which put at 1,150,000 bpd. (*)