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Indonesian minister optimistic to achieve oil output target

(Xinhua)
Updated: 2010-01-19 19:50
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JAKARTA: Indonesian Coordinating Minister for Economy Hatta Rajasa said on Tuesday that he was optimistic that the country could achieve oil production target of 965,000 barrel per day this year due to starting of production in some new wells and raising of outputs in some other wells.

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Therefore, the government would not revise the production target of 965,000 barrel per day at the state budget, amid the soaring global oil price which has reached over $78 for a barrel.

Some new oil fields developed by foreign firms such as Cevron and ExxonMobil have started new production and the output have been predicted to rise this year.

Hatta said that the rise on production was expected to overcome the natural decline on the country's oil production.

"There are some (fields) have started production, and the production keep increasing," he said.  

Indonesia's oil output has been dwindled due to aging wells and lack of new investment.

Raising energy demand of around 10 percent annually has led Indonesia become net oil importer since February 2008 and then exited from OPEC.
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