Indonesia expects to meet new OPEC quota<\/p>\n
VIENNA (Agencies): Indonesia said on Thursday its new OPEC
\ncrude production quota of 1.307 million barrels per day (bpd) was
\na \"realistic\" target despite delays to several projects because
\nof civil unrest and labor disputes.<\/p>\n
Indonesia, Asia's only member of the Organization of the
\nPetroleum Exporting Countries, is currently pumping at a rate of
\nabout 1.28 million bpd, said Energy and Mines Minister Purnomo
\nYusgiantoro.<\/p>\n
\"Our new OPEC quota of 1.3 million bpd is a realistic target
\nfor Indonesian production,\" Purnomo said.<\/p>\n
\"We have the deepsea West Seno field coming onstream at the
\nend of this year or early next year and that will add another
\n60,000 bpd,\" he said.<\/p>\n
West Seno in the Makassar Straits, which is being developed by
\nUnocal, will eventually pump about 100,000 bpd. It is the
\ndeepwater field to be developed in Indonesia.<\/p>\n
Indonesia failed to meet its former OPEC quota of 1.38 million
\nbpd. The producers' cartel agreed on Wednesday to cut group
\noutput by 1.5 million bpd from February 1 to shore up prices.<\/p>\n
Civil disputes in several Indonesian areas have delayed
\ndrilling and development projects, often pushing back timetables
\nby more than six months, Purnomo said.<\/p>\n
\"We do have the capacity and the oil is there, it is more
\nabout timing,\" he said.<\/p>\n
Purnomo said Indonesia favored a cut of between 1.5 million to
\n2.0 million barrels per day factoring in Iraq returning to normal
\nlevel of exports by the end of this month.<\/p>\n
If Iraqi crude oil exports don't return to normal, Purnomo
\nsaid Indonesia would support OPEC putting additional barrels on
\nthe market according to the price band mechanism.<\/p>\n
Purnomo also said Indonesia will unveil next month 21 blocks
\nto be offered this year for oil and gas exploration, with six top
\npriority blocks up for grabs in the first quarter.<\/p>\n
The blocks will be offered throughout the year in several
\nlicensing rounds. The first round will be for six deepsea blocks
\nin the Makassar Strait, all of which are located close to large
\nhydrocarbon discoveries.<\/p>\n
Two blocks will be offered in the Natuna Sea, six in the
\nArafura Sea, a further two in the Makassar Strait, one in
\nKalimantan, two in Sulawesi and two in the Seram Sea.<\/p>\n
\"The first six blocks to be offered are in deepwater in the
\nStraits of Makassar. They are being given high priority and there
\nare many foreign contractors interested,\" Purnomo said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/indonesia-expects-to-meet-new-opec-quota-1447893297",
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