Saturday July 22, 2006

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.

See also :

1. Indonesia likely to terminate gas exports
2. Indonesia, Exxon Mobil conclude Cepu oil deal
3. Indonesia Becomes A Net Crude Oil Importer

(2006-07-22 22:36:37 SGT) [Energy] Permalink

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