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NEWS UPDATES 30 May 2009

Indonesia expects to meet '09 oil target of 960,000 bpd

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Oil production from Indonesia's huge Cepu field faces delays, but the country should still meet its oil production target this year, Energy Minister Purnomo Yusgiantoro told Reuters on Friday.

Indonesia, which has turned into a net importer of crude oil in recent years after a slump in production, should achieve a target of 960,000 barrels per day of crude and condensate production this year, the minister said in an interview.

Most of the new oil production to make up for flagging output in some ageing fields would come from condensate production linked to the Tangguh liquefied natural gas (LNG) project in Papua, the Oyong field in East Java and the Cepu block, he said.

But early production in Cepu faced delays due to a dispute with local government over the project in Central Java, the minister said.

He said the Tangguh project was on track to begin at the end of June and, along with its gas output, the plant was set to produce 14,000 barrels per day of condensate.


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