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NEWS UPDATES 15 August 2009

Indonesia eyes oil reserves to meet sales

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Indonesian government may tap into national crude oil reserves by selling up to 5 million barrels of the commodity before the end of the year to meet sales targets, the Jakarta Post reported, quoting an official.

“We plan to sell between 4 and 5 million barrels of the stockpile before the end of this year,” Evita H Legowo, director general for oil and gas at the Energy and Mineral Resources Ministry, said Friday

The reserve currently holds 11 million barrels of crude oil.

Evita said a similar move was carried out last year when oil producers failed to meet production targets.

This year the government and the House of Representatives set a sales target of 650,000 barrels of oil per day (bpd).

The latest report from the director general shows the average sales volume as of the end of May reached only 98 percent of that target. The total volume of sales was 941,000 bpd.



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