ID :
116136
Sun, 04/11/2010 - 21:39
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Shortlink :
https://oananews.org//node/116136
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OIL LIFTING EXPECTED TO REACH ONE MILLION BARRELS: MINISTER
Bandung, W Java, Indonesia, April 11 (ANTARA) - Chief Economic Minister Hatta Rajasa is optimistic that Indonesia's oil production can reach one million barrels per day (bpd) in 2012.
"Indonesia's oil lifting should increase to one million bpd in 2011 or 2012 at the latest," the coordinating minister for economic affairs told a workshop on the state budget here over the weekend.
Hatta said it was very likely that Indonesia would reach a one million barrel oil production because it had large untapped oil reserves and oil potentials that could be exploited.
"Indonesia still has about 9 billion barrels of oil potentials in various parts of the country, particularly in the eastern regions," he said.
The minister said that in order to achieve the one million target, investment and technology were needed to drill new oil fields. But so far, calculation on the values of investment that was needed to achieve the target had not yet been made.
"The key to the success of achieving the target is how to increase investment and use technology," he said.
He said that one of the things that could attract investment was the realization of a government regulation on cost recovery so that foreign investment could be attracted.
On the occasion, the chief economic minister also said that the willingness of Indonesia to resume its membership with the Organization of Petroleum Exporting Countries (OPEC) if it successfully reached a production of one million bpd would depend on its own desires, not on the request of OPEC.
"Indonesia has the right to make its own decision to resume or not its OPEC membership," he said.
At present, Indonesia's oil lifting target is 965 thousand barrels per day, which is higher than that of the previous year which was set at 960 thousand bpd.
If coal, mineral, gas and oil are all together taken into account, Indonesia's energy production at present reaches 6 million bpd.
"Indonesia's oil lifting should increase to one million bpd in 2011 or 2012 at the latest," the coordinating minister for economic affairs told a workshop on the state budget here over the weekend.
Hatta said it was very likely that Indonesia would reach a one million barrel oil production because it had large untapped oil reserves and oil potentials that could be exploited.
"Indonesia still has about 9 billion barrels of oil potentials in various parts of the country, particularly in the eastern regions," he said.
The minister said that in order to achieve the one million target, investment and technology were needed to drill new oil fields. But so far, calculation on the values of investment that was needed to achieve the target had not yet been made.
"The key to the success of achieving the target is how to increase investment and use technology," he said.
He said that one of the things that could attract investment was the realization of a government regulation on cost recovery so that foreign investment could be attracted.
On the occasion, the chief economic minister also said that the willingness of Indonesia to resume its membership with the Organization of Petroleum Exporting Countries (OPEC) if it successfully reached a production of one million bpd would depend on its own desires, not on the request of OPEC.
"Indonesia has the right to make its own decision to resume or not its OPEC membership," he said.
At present, Indonesia's oil lifting target is 965 thousand barrels per day, which is higher than that of the previous year which was set at 960 thousand bpd.
If coal, mineral, gas and oil are all together taken into account, Indonesia's energy production at present reaches 6 million bpd.
