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| Wednesday, 21 April 2010 09:03 | |||||||
Page 1 of 2 BP Migas is considered too pessimistic target peg
JAKARTA: A team of Trustees and the Accelerating Oil Production (TP3M) estimates an average production level of oil in 2010 was still able to reach 970,000 barrels per day (bpd). Members TP3M Rubiandini Rudi says the increase was driven by increased production began in June and increased again in September. This estimate refers to the approval of the financial authorization expenditures (AFE) and the work program and budget (WP & B). He explained on the basis of crude oil production track record in previous years, the targeted production level of 965,000 bpd is not really anything to worry about is not achieved. He reveals every AFE approval and WP & B is usually just an effect after 5-6 months so that there are boom TP3M estimates of production in June and September 2010. "AFE and WP & B's already approved in December last year, so June is estimated to have surge production. So, if Pertamina EP did not rise the month, will be questioned," he said yesterday. He added that in September there will be a second production hikes through the territories of Pertamina Hulu Energi, Kodeco, and Petrochina. If referring to the AFE and WP & B is already approved, details Rudi, production levels could be increased up to maximum 994.000-1,063 bpd if there is no non-technical constraints. However, on average, he's projected annual production rate at the level of 970,000 bpd. "The top one production can be achieved up to 1.063 million bpd if no interference occurs technical and non technical so optimistic this year's production target of about 994,000 bpd, or at least an average of 970,000 bpd could be achieved. If failed, the lowest average production may reach 938,000 bpd and does not fall too far to 917,000 bpd. Level of 960,000 bpd Director General of Oil and Natural Gas Ministry of Energy and affirm Evita Herawati Legowo 965,000 bpd production level can still be achieved. If one fails, the possibility of realization of the production will be at the level of 960,000 bpd. "So if it says 917,000 bpd BP Migas probably too pessimistic. We will try to encourage another BP Migas so that production could reach the target." Earlier, the head of BP Migas R. Priyono reveal the implementing agency based on technical calculations, production levels are really optimistic about 917000 bpd can be achieved. However, the level of 965,000 bpd of production still necessary to achieve, even though these targets are recognized Priyono quite heavy. "In the WP & B contractor cooperation contract [KKKS] states only capable of 877,000 bpd and we are encouraged to be higher to achieve the optimum number of 917,000 bpd. However, it was just a portrait and expected production targets can still be overtaken," he explained. Based on the report of BP Migas, the average crude oil production reached 955,980 bpd in late April or 99.18%. Meanwhile, the average lifting of oil in the same period only about 922,483 bpd. www.tenderoffer.biz
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