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BPMIGAS announces increase in Oil & Gas Output! Production at North Belut exceeds target & 5 new projects to come on stream in Feb 2010.

Posted on : 10 Feb, 2010

 

Is the tide turning for Indonesia’s oil & gas sector?

 

Indonesia's efforts to raise oil and gas output are yielding some results with a new field inaugurated and official production soon to begin at several other major projects. Gas production at the North Belut field has reached 265 million standard cubic feet a day and oil production has reached 20,000 barrels a day, according to upstream regulator BPMigas, outstripping a target set by operator ConocoPhillips (COP) last year.

 

BP Migas Chairman Raden Priyono also announced that five oil and gas projects worth US $908.9 million will be inaugurated in the first week of February 2010. The Dow Jones News Wire reported that official production will also be starting by the first week of February at Chevron Corp.'s (CVX) Seturian project in East Kalimantan, Total S.A.'s (TOT) Tunu Phase 11 and 12 projects in the Mahakam Delta, Santos Ltd.'s (SSLTY) Oyong Phase 2 field in the Madura Strait and Hess Corp.'s (HES) oil and liquefied petroleum gas facilities at the Ujung Pangkah block in Gresik, East Java.

 

With these new projects coming on-stream, the Indonesian government aims to raise average and natural gas production to meet rising demand from domestic industries and bring in export earnings.

 

Find out more about Indonesia’s plans to ramp up their Oil & Gas production at the 3^rd Indonesia Oil Gas & Power conference, where top regulators from BPMIGAS and MEMR will be sharing essential updates. There will also be insights from Indonesia’s leading industry executives at the Jakarta conference, which meets on 14-15 April 2010. Confirm your seat for the conference right away by >>clicking here<< to sign up.