In shadow of OPEC’s noisy oil cuts, Asia’s miners quietly tightened coal supplies

22 Nov 2017   Australia, Coal, Indonesia

Australian and Indonesian miners have quietly done in the last two years what OPEC has been shouting about: tighten coal markets and prop up prices. The informal coal output reductions, unlike the official cuts in place since January led by the Organization of the Petroleum Exporting Countries (OPEC), are culminating right as Asia enters the Northern Hemisphere winter when heating demand peaks in January. Additionally, there are warnings a La Nina pattern that typically brings colder-than-normal weather to the Northern Hemisphere might occur. In 2015, at the peak of the coal glut, Glencore, the world’s biggest thermal coal exporting firm, said […]

Whatever Happened to Indonesia’s Mighty Oil and Gas Industry?

15 Aug 2017   Indonesia

Former OPEC member suffers as investment, exploration dry up Volatile prices and onerous bureaucracy deter oil companies Start your day with what’s moving markets in Asia. Sign up here to receive our newsletter. Once a cornerstone of the economy, Indonesia’s oil and gas sector is in a slump, even as the country’s appetite for energy soars. Hit by a drop in global prices, changing regulations and competition from neighbors that are proving more attractive to international energy companies, Southeast Asia’s biggest economy is facing a decline in oil revenue and steadily rising fuel imports. With an economy growing at a 5 percent clip and the government embarking on a vast infrastructure roll out, the oil and gas industry is sounding alarm bells over the decline of a sector that five years ago accounted for almost 6 percent of Indonesia’s gross domestic product and last year contributed only 3 percent. […]

Indonesia’s Aug HBA thermal coal price surges 44% on year to $83.97/mt

7 Aug 2017   Indonesia

Indonesia’s Ministry of Energy and Mineral Resources set its August thermal coal reference price, also known as Harga Batubara Acuan or HBA, at a seven-month high of $83.97/mt, up 44% year on year and 6.4% higher from June. The ministry had set the price for July at $78.95/mt, and for August 2016 at $58.37/mt. The HBA is a monthly average price based 25% on the Platts Kalimantan 5,900 kcal/kg GAR assessment ; 25% on the Argus-Indonesia Coal Index 1 (6,500 kcal/kg GAR); 25% on the Newcastle Export Index — formerly the Barlow-Jonker index (6,322 kcal/kg GAR) of Energy Publishing — and 25% on the globalCOAL Newcastle (6,000 kcal/kg NAR) index. Article continues below… Webinar: Thermal and Metallurgical Coal Markets Edging into a Brave New World August 23, 2017 | 1-2pm SGT │ Online Join Michael Cooper, senior editor, thermal coal, and Edwin Yeo, senior managing editor, metallurgical coal, as […]

Indonesia May Return To OPEC But Won’t Cut Production

27 Jul 2017   Indonesia

Indonesia is open to rejoining OPEC, but only if it can determine its own production levels, the country’s Energy and Mineral Resources Minister Ignasius Jonan told Reuters in an interview. “We would have to have a concession for not following cuts from time to time, ” Jonan said. Indonesia, which produces some 800,000 bpd , left OPEC last November, right after OPEC agreed to curb production to prop up international prices. That happened less than a year after the cartel’s only East Asian member rejoined its ranks. Per the agreement, OPEC had asked Indonesia to cut 37,000 bpd from its daily output, which, Jonan said at the time, the country would not do. What he agreed to was a 5,000-bpd cut that was stipulated in the 2017 budget. Indonesia is a net importer of crude oil, and a massive one: it imports twice what it produces, as local fields […]

Former OPEC Member’s Byzantine Rules Shooing Away Explorers

12 May 2017   Indonesia

Only 20% onshore rigs in Indonesia operating vs 60% in 2012 Nation may not see major oil, gas investment: Drilling group Red tape, rising costs and declining crude prices are throttling exploration in Indonesia, the former OPEC member that now produces less oil than it uses. Only 20 percent of the 287 onshore rigs operated by contractors for local and foreign explorers are at work, compared with 60 percent in 2012, according to Wargono Soenarko, chairman of the Indonesian Oil, Gas and Geothermal Drilling Contractors. Four out of six offshore rigs are operational, he said in an interview. The decline in drilling reflects uncertainty over regulation, a complicated permits system as well as high production costs that have deterred investments for new exploration, Soenarko said. It’s a challenge the government needs to tackle for success in its plan to overhaul the nation’s energy policy and lure as much as […]

Indonesia needs to invest $70 billion to $80 billion in gas infrastructure through 2030 to avoid a potential gas shortage, as domestic consumption growth outpaces supply, state-owned energy business Pertamina said Tuesday.

8 Feb 2017   Indonesia

Indonesia needs to invest $70 billion to $80 billion in gas infrastructure through 2030 to avoid a potential gas shortage, as domestic consumption growth outpaces supply, state-owned energy business Pertamina said Tuesday. An expanding economy and growing middle class are the key drivers of energy consumption, which continues to grow by around 4-5% a year. Natural gas accounts for approximately 15% of the country’s energy needs, and its growth is primarily supported by expanding demand from the power, refinery, fertilizer and transport sectors. “Indonesia needs new investment to explore and develop new gas resources and to build gas infrastructure,” said Yenni Andayani, chairman of Indonesia Gas Society and acting president director of Pertamina. Article continues below… LNG Daily is essential reading as LNG supply dynamics continue to change in big markets like Japan, China, India and the U.S. This premier independent news publication for the global LNG industry gives […]

Suspended OPEC member Indonesia gets energy loan

17 Dec 2016   Indonesia

A $400 million loan is aimed at helping Indonesia, until recently a member of OPEC, meet its growing demand for energy, the Asian Development Bank said. A net oil importer, Indonesia was suspended last month from OPEC less than a year after rejoining the production group. The suspension came as member states negotiated over an agreement to trim overall production starting in January. Libya and Nigeria were the only two member states exempt from the deal and Iran was allowed increases as it works to regain a market share lost to sanctions. The ADB said its loan would help expand the Tangguh liquefied natural gas facility in Indonesia so the country was in a better position to meet its energy needs. “Expanding the Tangguh LNG facility is crucial for Indonesia to meet its increasing energy demand,” Christopher Thieme, a deputy director General for the […]

Net oil importer Indonesia leaves producer club OPEC, again

2 Dec 2016   Indonesia

Indonesia has suspended its membership of the Organization of Petroleum Exporting Countries (OPEC), less than a year after rejoining the cartel, as the net oil importer said it could not agree to the group’s production cuts. The decision came as the cartel agreed its first oil output cut since 2008 in a bid to tackle overcapacity and prop up prices. The suspension could be a setback for Indonesia, OPEC’s only East Asian member, which had hoped to benefit from being closer to OPEC countries when it reactivated its membership at the start of the year. OPEC had proposed Indonesia cut oil production by about 37,000 barrels per day (bpd), or about 5 percent of its output, which would dent the already slipping oil rent in Southeast […]

Indonesia’s oil supply security unlikely to be affected by OPEC withdrawal

1 Dec 2016   Indonesia

Indonesia’s withdrawal from OPEC membership is unlikely to affect the country’s oil supply security, given the limited benefits seen since it rejoined the group on January 1 this year, industry observers said Thursday. The net importer of crude oil had expected OPEC membership re-activation as a step towards energy security, but saw little benefit in terms of price and supply from other group members. Indonesia reactivated its OPEC membership in order to have direct access to crude oil exporters, energy and mines ministry spokesman Sujatmiko said Thursday, adding that with access routes having been opened, the membership did not offer anything more to the country. “The OPEC membership for Indonesia is useless as we have to pay Eur2 million [in annual fees] but we cannot get cheap crude imports,” said Komaidi Notonegoro, an analyst with the ReforMiner Institute. Article continues below… Oilgram News brings you fast-breaking global petroleum and […]

OPEC’s Indonesia Eyes 42% Oil Output Boost 2017

26 Oct 2016   Indonesia

Pertamina oil Amid rising doubts about OPEC’s crude oil production freeze agreement, one member of the organization that’s so far stayed out of the spotlight has declared its plans to raise oil output by 42 percent in 2017. A spokeswoman for Indonesia’s state-owned oil firm Pertamina said that the company seeks to raise its total output to 438,000 bpd next year, up from an average of 308,000 bpd in 2016. Wianda Pusponegoro added that most of the increase will come from acquisitions in Russia, Iran, and Iraq. Indonesia’s own oil deposits are on the whole mature, with peak production well behind them. Earlier this month, media reported that Pertamina and Rosneft had sealed a deal for the construction of a refinery in Indonesia, which may also include Pertamina buying into Russian production projects. According to Rosneft, the Indonesian company could get up to 20 percent in the Northern Chayvo […]

Chevron starts gas production offshore Indonesia

2 Sep 2016   Indonesia

Indonesia is now producing natural gas from a deep-water site that represents a milestone for the country’s energy goals, a Chevron subsidiary said. Chevron Indonesia Co. said it started natural gas production from the deepwater Bangka field, a project that has a design capacity of around 110 million cubic feet per day. The start of production comes roughly two years after drilling began. “First gas for the Bangka Project is a significant milestone and highlights Chevron’s commitment to continue supporting the government’s energy goals and delivering energy to Indonesia safely, efficiently and reliably,” Chuck Taylor, Chevron’s regional managing director, said in a statement. Italian energy company Eni, one of Chevron’s partners in the country, signed last year what it […]

BP approves final investment decision on $8-billion Indonesian LNG project expansion: regulator

1 Jul 2016   Indonesia

BP has made a final investment decision for an $8-billion expansion of its Tangguh liquefied natural gas (LNG) project in Indonesia, the country’s energy regulator (SKKMigas) said on Friday, and expects the project to be operational in 2020. BP has awarded a $2.43-billion engineering, procurement and construction (EPC) contract for the onshore component of the Tangguh Train 3 project to a consortium led by Indika Energy Group unit Tripatra, SKKMigas Chairman Amien Sunaryadi told reporters. The $448-million offshore EPC contract was awarded to the Indonesian unit of Saipem, Sunaryadi added. (Reporting by Wilda Asmarini, Writing by Fergus Jensen; Editing by Himani Sarkar)

Indonesia’s Upstream Investment Appeal Fades

21 Jun 2016   Indonesia

Indonesia’s efforts to boost upstream petroleum investments to mitigate falling production have not made much headway in recent years, further entrenching its reliance on imports. Nearly two years after Joko Widodo assumed the presidency in Indonesia, hopes that his administration would revive investment confidence in the country’s upstream oil and gas sector have receded. Data published May 27 in local media TheInsiderStories highlighted falling interest by local and foreign companies to invest in Southeast Asia’s largest oil and gas producer. The archipelago attracted $18 billion in upstream spending in 2015, down 18.2 percent from the $22 billion invested in 2014. “The government is trying to reform Indonesia’s oil and gas regulations to attract more investments and become less dependent on oil imports,” William Simadiputra, a Jakarta-based oil and gas analyst at DBS Vickers Securities told Rigzone. That has not worked so far. “With existing regulations and policies, plus current […]

Indonesia OPEC Governor: No Urgency To Freeze Output With Oil At $45

26 Apr 2016   Indonesia

Indonesia’s governor to the Organization of the Petroleum Exporting Countries said on Monday that oil at $45 a barrel was “not bad” and that there would be no urgency to freeze output if crude remained at that price. Despite failure to reach a deal to curb oil output and support prices at an April 17 meeting of OPEC and non-OPEC producers, crude prices have maintained a general upward trend since hitting a 12-year trough in mid-January. Front-month Brent crude was trading at $44.75 per barrel at 0752 GMT, down 36 cents, or 0.8 percent, from its last settlement as traders took profits after three weeks of gains. “The price is $45, which is not […]

Indonesia Can Return to OPEC But Can’t Escape Aging Oil Fields

4 Dec 2015   Indonesia

Southeast Asia’s largest economy is returning to OPEC as its government warns the collapse in crude prices has worsened an “increasingly unappealing” energy investment climate and dependence on foreign oil grows. For the first time in seven years, OPEC’s newest member will increase crude production. It will likely be just a blip. The start of Indonesia’s Banyu Urip oil field in Java will be the single biggest addition to global supply this year, helping the returning member of the Organization of Petroleum Exporting Countries inch up output by about 1 percent this year and 5 percent in 2016. The decline will resume from 2017, according to BMI Research. “There will be a temporary boost,” said Peter Lee, a Singapore-based analyst at BMI. “It won’t be enough to make up for the decline in all other […]

EIA reviews Indonesia’s OPEC bid

17 Oct 2015   Indonesia

Despite its bid to reactivate its membership in OPEC, Indonesia will likely need to import more oil to meet its domestic demand, a U.S. analysis said. In September, Indonesia submitted a request to reactivate its membership in the Organization of Petroleum Exporting Countries, which it left in 2009 because it was no longer a net exporter. OPEC in a response statement said its members would “welcome [Indonesia’s] return.” Analysis from the U.S. Energy Information Administration said geographical characteristics and a lack of refining capacity means the Indonesian economy will still need to import oil products , particularly gasoline. According to EIA, Indonesia produced about 790,000 barrels of crude oil and condensates, an ultra-light form of oil. That puts it above Ecuador and Libya, the two […]

Iran backs Indonesia as OPEC member

16 Oct 2015   Indonesia, Iran

The Iranian government welcomes the eventual return of Indonesia to the Organization of Petroleum Exporting Countries, Iran’s oil minister said. Indonesia in September submitted a request to reactivate its membership in OPEC. “We hope that with Iran’s support in the upcoming OPEC meeting, Indonesia’s return to the organization can be finalized,” Iranian Oil Minister Bijan Zangeneh said. “Then, Tehran and Jakarta can resume their bilateral cooperation in the global oil market.” Iran’s oil minister welcomed his Indonesian counterpart, Sudriman Said, to the capital to discuss how the two re-emerging producers can work together . Zangeneh said Iran is interested in working with Indonesia in the crude oil and liquefied natural gas markets. According to the U.S. Energy Information Administration, natural gas production in Indonesia increased by more than 20 […]

OPEC accepts Indonesia’s request to reactivate membership

16 Oct 2015   Indonesia, OPEC

The Organization of Petroleum Exporting Countries has accepted Indonesia’s request to reactivate the country’s membership. Indonesia formally asked for reinstatement at the cartel’s June ministerial meeting in Vienna (OGJ Online, June 5, 2015) . The Southeast Asian country withdrew from OPEC in 2009 citing growing internal demand for energy, declining crude oil and condensate production in mature fields, and limited investment to increase production capacity. Indonesia had become a net importer of petroleum and other liquids by 2004 after domestic demand exceeded production. Indonesian government officials said that rejoining OPEC will strengthen its cooperation with oil-producing countries, provide greater access to crude oil supplies, and allow the country to be a link between energy producers and consumers. Indonesia currently buys crude oil and petroleum products through third parties or traders and seeks direct access to long-term crude supply contracts through negotiations between OPEC-member national oil companies. Indonesia produced about […]

Indonesia Said to Be on Course to Rejoin OPEC in December

8 Sep 2015   Indonesia

Indonesia is on track to resume full OPEC membership in December after a break of almost seven years, according to three people familiar with the matter. The Asian nation, which suspended membership in January 2009 after becoming a net oil importer, received formal notification that the Organization of Petroleum Exporting Countries’ 12 members all support its return, said the people, who asked not to be identified because the discussions aren’t public. The move is subject to final approval at the group’s ministerial meeting on Dec. 4, they said. OPEC agreed to suspend Indonesia’s membership in September 2008 at the country’s own request, almost half a century after the nation joined. The country pumped 852,000 barrels a day of oil in 2014 and consumed almost twice as much, according to BP Plc. Indonesia received confirmation of members’ support on Aug. 31, one of the people said. OPEC member countries also […]

Biggest Coal Shipper’s Power Plan Offers Relief From Bear Market

26 Jun 2015   Coal, Indonesia

The coal market’s best hope of breaking a four-year losing streak may be its biggest supplier’s plan to burn more at home. Indonesia plans to expand generating capacity by 46 percent in four years with new power plants, half of them burning coal. If that happens, fuel consumption may triple to the equivalent of 76 percent of last year’s exports and boost prices more than 50 percent, the Indonesia Coal Mining Association says. The country currently consumes less electricity than Taiwan, a nation with about a 10th of its population. Benchmark Asian coal prices fell every year since 2010 after producers from Australia to Colombia flooded the market and demand faltered in China, the biggest consumer. “Any reduction in Indonesian exports helps the seaborne market,” said Ted O’Brien, chief executive officer of Doyle Trading Consultants, a coal industry analytical firm based in Grand Junction, Colorado. “Like other Asian countries, […]

Indonesia Considers Rejoining OPEC

7 May 2015   Indonesia

Indonesia is considering rejoining the Organization of the Petroleum Exporting Countries as an observer after leaving the group six years ago, a minister said Thursday. “We want to have an interaction with the market [by becoming an observer in OPEC],” the Minister of Energy and Mineral Resources Sudirman Said said. He said Indonesia has in the past been invited by OPEC to attend meetings as an observer. Indonesia discontinued its OPEC membership when it expired on Jan. 1, 2009. It has been a net oil importer since the early 2000s. The government is struggling to increase the country’s crude-oil production from about 830,000 barrels a day currently, while domestic consumption continues to rise. Indonesia’s renewed interest in attending OPEC meetings comes after a slump in oil prices since last summer that has […]

Indonesia Scraps Gasoline Subsidies

31 Dec 2014   Indonesia

Indonesian motorists line up to fill up their tanks after the government announced an increase in fuel prices in November. Associated Press JAKARTA, Indonesia—Indonesia will scrap gasoline price subsidies starting Thursday as part of President Joko Widodo’s push to free up more funding for infrastructure spending to help boost the economy. At the same time, the price of gasoline will be cut to 7,600 rupiah, or about 61 U.S. cents, a liter from 8,500 rupiah a liter to reflect falling global oil prices, said Energy and Mineral Resources Minister Sudirman Said on Wednesday. State-owned oil and gas company PT Pertamina is the sole seller of gasoline and diesel fuel in Indonesia and will decide on a monthly basis whether to make any changes to the fuel prices, Mr. Said added. The government will continue to subsidize diesel prices , but will fix the amount of the subsidy at […]

Indonesia Surprises With Rate Increase as Fuel Plan Draws Protests

19 Nov 2014   Indonesia

The central bank raised interest rates to the highest level in five years at a surprise meeting on Tuesday, seeking to contain inflation a day after the government announced a controversial increase in fuel prices in Southeast Asia’s largest economy. The decision to raise subsidized fuel prices, which triggered riots in the past, marked President Joko Widodo’s most important move since taking office a month ago. It earned praise from economists as a promising signal of things to come, even as students protested and bus operators threatened to strike, potentially upsetting travel for millions of commuters in Jakarta alone. Indonesia heavily subsidizes fuel prices, making gasoline and diesel some of the cheapest in the region. But but the bill for doing so amid rapid economic growth and growing consumer demand in the net-oil-importing nation has ballooned in recent years. This year, Indonesia will spend about […]

Indonesia Raises Fuel Price as Jokowi Fulfills Key Pledge

18 Nov 2014   Indonesia

Indonesian President Joko Widodo raised fuel prices to reduce state energy subsidies, moving on an election pledge less than a month after taking office to free funds for development plans. The price of subsidized gasoline was increased to 8,500 rupiah ($0.70) a liter from 6,500 rupiah effective today, and diesel has been raised to 7,500 rupiah a liter from 5,500 rupiah, after an announcement by Widodo in Jakarta late yesterday. The central bank will hold an unscheduled monetary policy review today, spokesman Peter Jacobs said. The rupiah and local stocks rallied today on optimism that Widodo, known as Jokowi, is taking steps to overhaul Southeast Asia ’s largest economy. While falling oil costs gave the president room to limit the fuel price increase, his government has yet to say if it will revamp or scrap the decades-old subsidy system beyond changing prices. “This was a […]

Indonesia’s Fuel Price Hike a ‘Solid’ Sign of Reform, Say Economists

18 Nov 2014   Indonesia

Economists have welcomed President Joko Widodo’s move to increase the price of subsidized fuel by roughly a third, calling it a sign of his reform-minded leadership. DBS economist Gundy Cahyadi referred to it as a “positive signal of the government’s commitment to push for tough economic reforms” in Southeast Asia’s largest economy. OCBC economist Wellian Wiranto called it “a good balance” between playing safe and acting decisively. More In Subsidies IMF Takes Aim at Thailand’s Costly Rice Subsidies Thai Corn Farmers Join Clamor for Hand-Outs Thailand Likely Will Struggle to Get Back to No. 1 in Rice Exports Thai Government, Farmers Take First Step to Reach Accord on Rice Thai Farmers Signal Willingness […]

Indonesian Demand for Big Cars May Blunt Widodo Fuel Plan

2 Oct 2014   Indonesia

At the Indonesia International Motor Show last week, car marketer Pankaj Jain didn’t have much cause for worry that an impending fuel-price increase by incoming President Joko Widodo would harm sales. People “buy bigger” in Indonesia, Jain said, raising his voice over the blare of a stereo as thousands inspected the latest models at a show dominated by sturdy and boxy multi-purpose cars. “Here, the MPV market is close to 60 percent, while in India it’s very small,” said the marketing director at ’s local unit. The preference for larger cars will probably keep demand for diesel and gasoline elevated in the world’s fourth-most populous nation, undermining Widodo’s pledge to raise subsidized fuel prices and curb the energy imports that have spurred a near-record . Big families, bad roads and rising incomes mean the penchant for gas guzzlers will be hard to break. “Fuel consumption continues to grow because, […]

Indonesian oil producers restart almost all output disrupted by haze

8 Apr 2014   Indonesia

 Indonesian oil producers have restarted almost all of the 12,000 b/d of crude output in central Sumatra that they shut last month during forest fires, a spokesman for upstream regulator SKK Migas said Tuesday. Haze from the forest fires forced producers to halt output starting March 11, as hazardous air prevented workers from continuing to work at oil fields in the region. “All producers have almost recovered their production,” said Handoyo Budi Santoso, head of SKK Migas’ communications division. “The production is currently ramping up to reach their normal production. We expect the normal production figure can be reached as soon as possible.” Chevron has restarted 573 wells, but output is fluctuating as the wells return to normal production, Santoso said. Energi Mega Persada and local company Bumi Siak Pusako, a joint venture between state-owned Pertamina and the local government, have also ramped up […]

Kerry Implores Indonesia on Climate Change Peril

17 Feb 2014   Climate, Indonesia

Kerry on Climate Change On Sunday, Secretary of State John Kerry delivered remarks on climate change to an audience of students in Jakarta, Indonesia. He accused climate change deniers of burying their heads in the sand. JAKARTA, Indonesia — Secretary of State John Kerry urged Indonesia on Sunday to take steps to combat climate change, warning that failure to act would jeopardize the nation’s resources and damage its economy. Warming seas, he said, could deal a severe blow to Indonesia’s fishing industry, while powerful storms could buffet the country and rising seas may put much of Jakarta, the capital, under water. “This city, this country, this region is really on the front lines of climate change,” Mr. Kerry said in a speech . “It’s not an exaggeration to say to you that your entire way of life that you live and love is at risk.” Mr. Kerry, who has […]

Draining Indonesia Oil Fields Raise Import Need: Southeast Asia

2 Jan 2014   Indonesia

Magenta-colored bars creep up on a monitor screen at the control room of Senipah-Peciko-South Mahakam oil terminal in Indonesia’s East Kalimantan province, indicating three storage tanks are being filled. “It takes more than 60 days now to fill a 500,000 barrel tank with crude from Bekapai field,” said Kristanto Hartadi, a spokesman at Total E&P Indonesie, a unit of the French oil major Total SA (FP) that operates the facility. “That compares with about 10 days when it was at full production.” Bekapai, which pumped more than 50,000 barrels a day in 1978, now flows at just 7,000 barrels, a symbol of the decline in Indonesia’s oil and gas production. Aging fields, rising exploration costs and increased fuel demand will force Southeast Asia’s most populous nation to import 90 percent of the oil it needs by 2030, according to the Agency for the Assessment and Application of Technology. Domestic […]

Pirates Hijack Tanker Near Singapore in Second Attack in a Month

Pirates hijacked a second tanker in a month off the Malaysian coast near Singapore, Asia’s biggest oil-trading hub, according to the International Maritime Bureau. Ten pirates armed with guns and knives boarded a tanker about 7.3 nautical miles (13.5 kilometers) west of Malaysia’s Pulau Kukup in the Strait of Malacca , forcing the crew to transfer gasoil from the vessel to another ship, the IMB’s Piracy Reporting Center said in a Nov. 7 incident report on its website. The attack was about 34 miles west of Singapore, according to the co-ordinates recorded by the agency. The U.S. Energy Information Administration identifies the Malacca Strait, which connects the Indian Ocean with the South China Sea and Pacific Ocean, as one of the world’s two “most strategic chokepoints” for oil trade along with the Strait of Hormuz in the Persian Gulf. It is the shortest sea route between the Middle East […]

Indonesia likely to miss revised 2013 crude output target: SKK Migas

4 Nov 2013   Indonesia

Jakarta (Platts)–4Nov2013/226 am EST/726 GMT Indonesia is likely to miss the government’s revised 2013 crude production target of 840,000 b/d, by pumping only 827,000 b/d on average this year, Elan Biantoro, spokesman for upstream regulator SKK Migas, said Monday. But the country may manage to arrest the rate of decline in output, Biantoro added. “The average production as of October this year is 827,000 b/d on average. We estimate that the production figure is likely to be same until the end of the year. It is difficult to meet the government’s target,” Biantoro said. Article continues below… Request a free trial of: Oilgram News Oilgram News Oilgram News brings you fast-breaking global petroleum and gas news on and including: Industry players, upstream and downstream markets, refineries, midstream transportation and financial reports Supply and demand trends, government actions, exploration and technology Daily futures summary Weekly API statistics, and much more […]