BPMIGAS to Reach Output Target of Over 1 Million bbl/d in 2008

Upstream Oil and Gas Supervisory Agency (BPMIGAS) targets oil output to be above 1 million barrels a day in 2008.

Average oil production from January this year exceeds 1 million barrels a day, BPMIGAS Deputy for Operations Dodi Hidayat said in Jakarta on March 14.

The key to reach the production target is well maintenance and drilling, Dodi said.

Based on work program and budget submitted by oil and gas contractors, Indonesia can produce 1.043 million barrels a day in 2008, BPMIGAS Vice Chairman Abdul Muin added. This must be supported by other factors, including equipments.

"We will try our best to raise production. The results can be seen from the success of cutting the decline rate to 4% from 15-20%. Declines in outputs are happening not only in Indonesia, but all over the world. No matter who's in charge, production will fall," Muin said.