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Indonesia Predicts 660 Mln Barrels of Oil Production This Year

Posted on: Saturday, 11 February 2006, 09:00 CST

Indonesia predicts 660 mln barrels of oil production this year

JAKARTA, Feb. 11 (Xinhua) -- Indonesia predicts to produce about 660 million barrels of oil this year, according to a document obtained by Xinhua on Saturday from the Ministry of Mines and Energy Resources.

The document said that based on the fiscal and business as usual (BAU) scenarios, Indonesia has targeted to export some 260 million barrels of oil and will import about 225 million barrels of oil this year.

The country's oil production in condition of BAU is predicted to continue to decline to more than 200 million barrels in 2010, and based on the fiscal scenario, the production will reach more than 400 million barrels, it said.

Meanwhile, oil export in 2010 in condition of BAU is predicted to be about 160 million barrels and based on the fiscal scenario, it will be some 150 million barrels, said the document.

Import in condition of BAU will decline in 2010 to about 500 million barrels and based on fiscal scenario efficiency will be below 500 million barrels, it added.

Indonesia's oil production declined at 5 percent rate or more annually.

Indonesia's state-run oil firm Pertamina sees January oil product consumption at 943,000 barrel per day.

The company chief Widya Purnama said that the government's policy of rising oil price to more than 126 percent in October last year declined domestic oil consumption which caused the decline in the country's oil import.

The current average daily oil products consumption is 15 percent below the target of the company's average daily oil product consumption of 175,000 kilolitres, because there is no significant new development of oil field.

Source: Xinhua News Agency - CEIS

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