Jakarta to miss 1m bpd output target

Jakarta

INDONESIA, once the biggest oil producer in South-east Asia, is giving up on its target of restoring output to one million barrels per day (bpd) even as operations begin at the Cepu block in Central Java.

New projects will add little to Indonesia's reserves, while output from ageing fields will continue to decline, Deputy Energy and Mineral Resources Minister Susilo Siswoutomo said at this week's inauguration of Cepu block, operated by a unit of ExxonMobil Corp. Without more exploration, Indonesia's oil production may fall to 600,000 bpd in 2020, he said.