Global Finance Radio

Posts Tagged ‘Oil Production’

Crude oil and condensate production until the end of May 2010 coming closer to the targets set in the Budget Amendment in 2010 amounted to 965 000 barrels per day.

Head of the Executing Agency for Upstream Oil and Gas (BP Migas), R Priyono in Jakarta, Wednesday (2 / 6), said crude oil and condensate production in 2010 until May 25 to reach 959 650 barrels per day.

“About 5350 barrels per day to achieve the target of 965 000 barrels per day,” he said.

Previously, until March 31, 2010, oil and condensate production was recorded only 954.4 thousand barrels per day.

Low oil production in early 2010 in addition to technical constraints, are also due to fears of oil contractor against the government’s plan to limit the returned operating costs (cost recovery) and also the implementation of the Environment Act.

But now the government has ensured cost recovery will not restrict the contractor, he said.

Priyono, the average production in May 2010 has exceeded the target budget amendment in 2010 which is 972 238 barrels per day. However, because production in previous months below the target, making the average production until May 2010 has not exceeded 965 000 barrels per day.

“With the continued good production trend in recent years, we are optimistic that exceed the budget target,” he said.

He said that crude oil and condensate production on May 25 listed daily 978.956 barrels per day including 141 575 barrels of condensate per day.

In fact, he continued, production could reach 984 000 barrels per day if there is no interference.

Priyono added, the average production of natural gas in 2010 reached 8855 million cubic feet per day (MMSCFD). Medium, average production in May 2010 carrying 9184 MMSCFD. For the production was recorded on May 25, 9332 MMSCFD.