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September 9, 2008

Indonesia oil output seen at 405,000 bpd in 2008

Chevron Corp, the top oil producer in Indonesia, is estimated to produce 405,000 barrels per day this year, lower than a previous estimate of 415,000 bpd, Reuters quoted Chevron Indonesia president director Suwito Anggoro as telling parliamant on Monday.

In a related story, local newspaper the Jakarta Post reported that PT Chevron Pacific Indonesia, a local unit of the second largest oil company in the United States, forecast oil output from its concessions to decline due to aging fields and potential flooding.

During a hearing with the House of Representatives' budget committee Monday, company representatives said the Duri and Minas concessions in Sumatra might only produce 405,000 barrel per day (bpd) this year, down from the 408,000 bpd target set by the government and from 425,000 bpd pumped last year.

The company, which contributes 40 percent of Indonesia's total oil output, even estimated production would plunge to 382,000 bpd due to the natural decline of its fields, Chevron president director Suwito Anggoro said.

"The rainy season and potential flooding will probably exacerbate the decline," Anggoro said, adding the company's output stoot at 411,000 bpd in the first week of September.

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