2010-04-12 14:03:56 Xinhua
Indonesian Coordinating Minister Hatta Rajasa said the government is lifting the country's oil production to 1 million barrel per day by 2011 and it is also mulling to rejoining OPEC, local media reported Monday.
Indonesian Coordinating Minister Hatta Rajasa said the government is lifting the country's oil production to 1 million barrel per day by 2011 and it is also mulling to rejoining OPEC, local media reported Monday.
The statement came as the energy demand was increasing recently amid dwindling oil output due to lack of new investment and aging wells.
To reach the target, the government will boost exploration at new oil fields to help increase the output, Minister Hatta was quoted by Bisnis Indonesia as saying.
Higher expectation on investment target this year of over 15. 988 billion U.S. dollars may pave the way for the efforts, he said.
Investment at oil sector last year was below target of 13.78 billion U.S. dollars.
Indonesia has targeted to produce oil over 965,000 barrel per day this year. "But, for the next year or no later than 2012, the oil output target can be raised to one million barrel per day," said Hatta.
With hike on production, the minister said, Indonesia may consider to rejoin the oil cartel, OPEC.
Increasing oil demand and dwindling oil production has made Indonesia to become net oil importer since February 2008, and then has exited from OPEC.
Indonesia's oil production decreased to 944,000 barrel per day last year due to partly decrease of investment which stood at 12. 18 billion U.S. dollars, lower than the target of 13.78 billion U. S. dollars.
Indonesia's energy demand rises over 10 percent annually, according to Energy and Mineral Resources Ministry.
Source: http://english.cri.cn/6826/2010/04/12/1721s562521.htm
Indonesian Coordinating Minister Hatta Rajasa said the government is lifting the country's oil production to 1 million barrel per day by 2011 and it is also mulling to rejoining OPEC, local media reported Monday.
Indonesian Coordinating Minister Hatta Rajasa said the government is lifting the country's oil production to 1 million barrel per day by 2011 and it is also mulling to rejoining OPEC, local media reported Monday.
The statement came as the energy demand was increasing recently amid dwindling oil output due to lack of new investment and aging wells.
To reach the target, the government will boost exploration at new oil fields to help increase the output, Minister Hatta was quoted by Bisnis Indonesia as saying.
Higher expectation on investment target this year of over 15. 988 billion U.S. dollars may pave the way for the efforts, he said.
Investment at oil sector last year was below target of 13.78 billion U.S. dollars.
Indonesia has targeted to produce oil over 965,000 barrel per day this year. "But, for the next year or no later than 2012, the oil output target can be raised to one million barrel per day," said Hatta.
With hike on production, the minister said, Indonesia may consider to rejoin the oil cartel, OPEC.
Increasing oil demand and dwindling oil production has made Indonesia to become net oil importer since February 2008, and then has exited from OPEC.
Indonesia's oil production decreased to 944,000 barrel per day last year due to partly decrease of investment which stood at 12. 18 billion U.S. dollars, lower than the target of 13.78 billion U. S. dollars.
Indonesia's energy demand rises over 10 percent annually, according to Energy and Mineral Resources Ministry.
Source: http://english.cri.cn/6826/2010/04/12/1721s562521.htm
Comments
Post a Comment