JAKARTA (RambuEnergy.com) – Indonesia’s oil production as of Oct. 5, 2017 reached 812,083 barrels per day and monthly production at 789,932 bpd, lower than target set in the State Budget of 815,000 bpd, the Energy and Mineral Resources data shows.
Gas production reached 7,907 million standard cubic feet per day (MMSCFD) and monthly production stood at 7,737 MMSCFD.
Indonesia’s oil production continues to decline due to natural causes as most of the country’s oil fields are ageing with limited new discovery.
The energy ministry is trying to boost explorations including revising the production sharing contract (PSC) based on gross split scheme, instead of PSC cost recovery. (*)