Eric Watkins
Senior Correspondent
LOS ANGELES, Apr. 29 -- Indonesia is expected to miss this year's crude oil production target of 977,000 b/d, the Energy and Mineral Resources Ministry announced, saying the country would produce only 965,000 b/d due to downward revisions by individual operators.
Of 40 proposals received, only 16 operators reported that their production rate this year would exceed the target, the ministry said. Downward revisions were presented by the remaining 24 companies, including state-run PT Pertamina, which projected production of 132,000 b/d, down 13,000 b/d from its previous estimate of 145,000 b/d.
The ministry said the latest calculation was based on an accumulated full-year production estimate from oil-producing firms collected during a meeting last week. The government had set an oil production target of 977,000 b/d in the state budget for 2008.
Energy analysts have said the country's depleting oil resources and a lack of new exploration have contributed to its production decline over the past 5 years.
Contact Eric Watkins at [email protected].
