Indonesia's crude-oil production will continue on its declining path in the absence of any significant new projects, with output projected to decline another 6% next year to 860,000 barrels a day, the International Energy Agency said Wednesday.
Indonesia
's
crude-oil production will continue on its declining path in the absence of any
significant new projects, with output projected to decline another 6% next year
to 860,000 barrels a day, the International Energy Agency said Wednesday.
Once the only Asian member of the Organization of Petroleum Exporting
Countries,
Indonesia
has
been grappling with declining production from its ageing fields and a lack of
any major discoveries in recently years. Fewer exports by
Indonesia
in
the future would further raise
Asia
's
reliance on
West Africa
to meet its demand for
low-sulfur, or sweet, crude.
"Delays with boosting output at the Banyu Urip field, as well as a lack of
other new projects, as baseload production declines, are keeping
Indonesia
's
production on a downward trend," the IEA said in a monthly oil-market
report.
While the government recently trimmed its official output target for this year
to 945,000 barrels a day from 970,000, the IEA said, its own estimate is a more
conservative 915,000 barrels a day.
The country reached peak production of around 1.6 million barrels a day in 1977
and 1995. Output has fallen steadily to roughly 900,000 barrels a day.
Indonesia
opted
out of OPEC at the end of 2008, half a decade after it became a net oil
importer in 2003.
To boost oil production, upstream regulator BPMigas is pushing companies to
pump in more money into existing fields, to extract a greater percentage of oil
reserves in the ground by employing enhanced oil-recovery methods.
Indonesia
's
proven oil reserves have fallen 2.4% a year over the last 10 years, a senior
BPMigas official said in June.
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