Fri, 08 Oct 2010

Jakarta (ANTARA News) - The government will boost its oil production in an effort to meet the assumption as set in the 2010 revised budget at 965,000 barrels per day, a cabinet minister said.

Minister of Energy and Mineral Resources Darwin Saleh said here on Thursday that his side would hold a coordinative meeting to discuss breakthroughs for raising oil output.

"We will find which wells which still could produce more in the near future," the minister said.

He said that the leakage of gas pipes owned by PT Trans Gas Indonesia had been repaired.

At present the oil production of PT Chevron Pacific Indonesia is returning to normal, namely 125,000 barrels per day. It is expected that it would continue to increase until it reaches 380,000 barrels per day.

Head of Up Stream Oil and Gas Regulating Agency (BP Migas) R Priyono said up to September 2010 the average oil production was recorded at 956,509 barrels per day. In September, the average production was 945,939 barrels per day.

Such a production level is still below the assumption figure set at the revised 2010 state budget at 965,000 barrels per day.

Meanwhile gas production in September 2010 was recorded at 9,021 mmscfd and the average monthly production in 2010 is 8,910 mmscfd (million metric standard cubic fee per day).

The combined total gas and oil output in 2010 was recorded at 2,552,669 barrels of equal oil.

Earlier, Director General of Oil and Gas Evita Legowo said the government would release seven million barrels of its oil stocks in order to meet the target of sold oil production or oil lifting at 965,000 barrels per day.

At present, the country`s crude oil stocks are relatively large amounting to 12 million barrels.

"We will release 60 percent of the oil stocks beginning next November," she said.(*)