Indonesia crude oil output falls to 35-year low

business-times.asia1.com.sg :

Crude oil production in Indonesia fell 1.1% to 908,000 barrels a day in June, a 35-year low, as fields in Sumatra were closed for maintenance and rains disrupted drilling in Borneo. That's the lowest monthly oil output since 1971.

Indonesia's oil production has fallen for 10 years as its existing oil fields are depleted and it fails to develop new reserves. Falling output this year may force the country to buy more crude overseas, making the country a net oil importer and threatening its membership in the Organisation of Petroleum Exporting countries. Indonesia, Opec's second-smallest member, has failed since early 2002 to meet its production quota, currently set at 1.45 million barrels a day.

The country expects output from the Cepu area in Java, operated jointly by Exxon Mobil Corp and state oil company PT Pertamina to add 165,000 barrels a day. Cepu, the country's largest untapped oil deposit, won't produce crude until 2009.

First Singapore peakoiler meeting

The first-ever gathering of Singapore peakoilers (as far as I know of) has just been successfully concluded at the Burger King restaurant at Compass Point Mall in Sengkang. The participants were :

1. Hoo Shao Pin (shooperman)
2. Koh Choong Yong (dunpanic)
3. Low Ee Mien (lowem)
4. Simon Tay (simontay78)

We talked for about 3 hours from breakfast extending to around lunch time. Simon brought some of his projects over and showed us his LED lighting strip, and an AC/DC inverter demonstration, charging off a mobile phone from a battery. I "met" Choong Yong earlier via our blogs on JRoller. Interestingly, he knows James Seng via his wife, and he also knows one of my former colleagues, Ray Hsieh, who's recently moved from Savi Technology to Barclays Bank. Shao Pin was the CEO of Aretae, a pretty well-known local dotcom company. He told us he's all into Peak Oil now, and is introducing it to his employees at his current company. He wants to set up an eco-village here, and he tells us he has been talking to government officials.

It's interesting to see how each one brings to the table a slightly different perspective on the situation, and how each approaches the problem in a different way. I think we all have a lot to talk about, and a lot to learn.

See also :

1. More Singapore peakoilers

(2006-07-22 14:35:10 SGT) [Energy] Permalink

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