Indonesia Oil Output to Rise to 870,000 bpd in 2014

05 July, 2013 | Source: The Jakarta Globe

Indonesia’s oil output is expected to rise to 870,000 barrels per day in 2014, up about 30,000 bpd from this year’s target, the head of the country’s energy regulator said on Friday.

 

If Exxon Mobil’s Cepu block starts producing by October, next year’s production could rise further to 900,000 bpd, SKKMigas Chairman Rudi Rubiandini told reporters.

The former OPEC member was once self-sufficient in oil and gas but has been struggling for years to attract investment to halt declining output.

Southeast Asia’s largest economy has often missed annual oil production targets, which have gradually fallen from a peak of around 1.6 million bpd in 1995.

 

President Joko Widodo (Jokowi) said Indonesia already enters years of low inflation, with inflation around 3 percent in the past two years.
President of the World Bank group, Jim Yong Kim, here on Tuesday expressed his support to the Indonesian governments plan on the tax reform program, which aimed to increase the state budgets income.
President Joko Widodo (Jokowi) plans to visit Turkey to develop partnership in strategic industry and economy with the country, Foreign minister Retno Marsudi said here on Monday at the state palace after a meeting prior to the presidents visit to Turkey and Germany.
Indonesian Foreign Minister Retno Marsudi and her Maldivian counterpart Mohamed Asim will hold a bilateral meeting in Jakarta on Wednesday (June 21) to discuss the cooperation in tourism sector.
The United Nations Food and Agriculture Organization (FAO) has praised Indonesia for its role in fighting illegal, unreported, unregulated (IUU) fishing, the Indonesian Embassy in Rome said.
Indonesias real GDP growth is projected to increase from 5.2 percent this year to 5.3 percent in 2018, according to the World Banks June 2017 Indonesia Economic Quarterly.
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