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Indonesia sets oil lifting target up to 850,000 barrels per day next year

Xinhua, June 9, 2015 Adjust font size:

Indonesia's Energy and Mineral Resources Minister Sudirman Said said on Tuesday that national oil lifting target for next year was set at a range of 830,000 to 850, 000 barrels per day (bpd), or slightly 3.03 percent higher than 825,000 bpd targeted for this year.

Speaking at a hearing session with members of parliament, the minister said that the slight increase in oil lifting target was due to unimpressive figure recorded in the country as the nation only saw 752,000 bpd as of May this year, or 91.15 percent below the target this year.

The minister also estimated that the nation's crude oil price (ICP) may rise between 60 to 70 U.S. dollars per barrel. The estimation was 10 U.S. dollars higher than the assumption set in the state budget this year. "We, however, could not estimate the most precise price level. All we can do now is to carry out every task, making it keep in track between the lowest and highest estimation levels that we had set,"the minister said.

The minister added that gas lifting target for next year would be set at a range of 1,100 to 1,200 barrels of oil equivalent per day (boepd), or lower than that of this year set at 1,221 boepd.

Sudirman said that all of those assumptions would be further studied in the discussions to draft the nation's 2016 state budget scheduled later this year. Endi