Saturday, January 14, 2006

Indonesia oil reserves increased slightly 2005

Indonesia's oil reserves increased slightly in 2005 by 134.6 million barrels from the early year at 8.17 billion barrels. Proved reserves, meanwhile, was only 4.187 billion barrels, down from 4.3 billion barrels in 2004.
According to the data released by Indonesia's Upstream Oil and Gas Regulatory Body (BP Migas), even though the working areas increased significantly by 32% last year, the oil discovery was relatively small.
Oil production average at 1.061 million barrel per day (bpd) was also below the target of 1.075 million barrel per day. Mature and depleted oil fields contributed to almost 88% of the total output. With natural production reduction from these depleted fields at 5% to 15% per year and without significant new discoveries, Indonesia's oil output would further decrease in the coming years.
Meanwhile Indonesia's crude oil export reached 157.51 million barrels lasy year, decreased significantly from 178.87 million barrels in 2004. The country imported 126.18 million barrels of crude oil in 2005, also decreased significantly from 148.49 million barrels in 2004.




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