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Indonesia sets oil lifting target of 830,000 bpd in 2016

Xinhua, June 15, 2015 Adjust font size:

The Indonesian government and parliament on Monday agreed the country's oil lifting (after sold) target of 800,000 to 830,000 barrel per day for next year.

That compares with this year's oil lifting target of 825,000 barrel per day.

Indonesian Minister of Energy and Mines Sudirman Said said that next year's oil lifting target is realistic based on the work performance of oil and gas firms this year.

"Based on the performance this year and estimation to the future, the 800,000 to 830,000 barrel per day is very realistic," he said at the parliament building.

Indonesia has proven oil reserve of 3.7 billion barrels and its production keeps dwindling due to aging wells that led the country to be a net-oil importer and exited from OPEC membership in 2008, but now the national will return to its membership.

Indonesia has decided to shift the reliance on fossil fuel to gas, which it has abundant reserve, and nuclear energy to comply with rising energy demand.

The nation chalks up huge array of 104 trillion cubic natural gas reserve, according to data from the country's upstream regulator, SKK Migas.

The government will kick off construction of nuclear power plant that is set to generate power in 2024 or 2025, in an effort to get energy efficiently.

Indonesia has both reserve of plutonium located in Bangka Belitung and Uranium in Borneo. Endi