Jakarta (ANTARA News) - Indonesia`s oil production could exceed one million barrels per day (bpd) at the end of this year, Head of the Upstream Oil and Gas Regulating Body (BP Migas), R Priyono, said.
He said the prediction that the one-million bpd production level day could be exceeded was based on the upward trend in national oil production in 2008.
Priyono said Indonesia`s daily crude and condensate production in January was recorded at 955,847 bpd, February 986,848 bpd, March 985,872 bpd, April 978,060 bpd and May 982,550 bpd.
He said Indonesia`s crude production based on the revised state budget calculation or crude lifting, stood at 955,000 bpd in April, which meant that the target of 927,000 bpd as set in the state budget had been exceeded.
"Oil liftings in March and April were respectively recorded at 958,000 bpd and 955,000 bpd," Priyono said adding that it was expected that overall liftings would reach over one million barrels per day at the end of the year.
He said additional crude production would also come from 16 new oil fields whose plan of development (PoD) would be carried out this year.
The volume of additional production from the new fields was predicted at 71,000 equivalent barrels of oil per day (boepd).
The 16 new oil fields are Tangguh, Senoro, Banyu Urip, North Duri, Pulo Gading, Sungai Kuning, Sadewa, Bekapai, Lukah, KBB 01, NCJ 01, Hadil Phase 3, Radegan Utara, Anggor, Sumur Lenggowangi 1, and Tunu 13-A.
Priyono said he was optimistic the upward trend in Indonesia`s oil production would continue.
He said Indonesia`s oil and gas production levels would continue to increase in the coming years.
After all, he said, a number of relatively large new oil and gas fields would become productive on schedule. The ones which will be in production in the near future are the Cepu and Masela oil fields. (*)