Indonesia's oil production in 2011 fell below a government target to around 900,000 barrels per day (bpd), officials said on Tuesday, as the country lost output through shutdowns and as oil fields age. The country's chief economics minister Hatta Rajasa said output was 898,000 bpd, lower than the 945,000 bpd targeted in the state budget.
Energy regulator BPMigas put the figure slightly higher at 903,000 bpd, said spokesman Gde Pradnyana, citing calculation differences. The country lost crude oil output from leading producer Chevron through well shutdowns in the first quarter because of reduced power supply after gas pipeline maintenance. Former Opec member Indonesia has been struggling to attract investment to halt declining oil output from ageing fields.
The Exxon Mobil-led Cepu block in Java, Indonesia's biggest oil find in the last decade, is expected to help to limit declining output. The field's current output of 20,000 bod is expected to rise to 165,000 bpd by 2014.
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