The Indonesian government planned to revise downward its oil lifting (after sold) target this year due postponement of production in some wells and poor weather condition, a senior official said Friday.
Indonesian Deputy Minister for Energy and Mineral Resources Susilo Siswoutomo said that the oil lifting target could be cut to around 820,000 barrels per day from 870,000 barrels per day.
"The initial target was made with assumption that the commencement of production of several wells will not delay, but now the fact is that it has been delayed," he said.
In addition to the postponement, unfavorable weather condition and aging wells also factored, said Susilo.
Indonesia's proven oil reserves stand at 4 billion barrels and gas reserves at 104.71 trillion cubic feet, according data from the ministry.