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Indonesia's new gov't targets to rise oil lifting

Source:Xinhua Editor:hy_user Release time:2014-09-10 15:07:02Font: Large middle Small | Close

JAKARTA, Sept. 8 (Xinhua) -- Indonesian newly-elected President Joko Widodo and his running mate Jusuf Kalla expected oil lifting (after sold) to scale up to one million barrel per day next year, rising from this year's target of 818,000 barrel per day, as an oil block would kick off production, Kalla said here on Monday.

 

The vice presidential-elect Kalla disclosed that Cepu oil field, located in the border of Central Java and East Java, would start production soon.

 

"We have oil reserve from Cepu oil block. The block is expected to begin operation next year," he said at Sahid Hotel.

 

Kalla noted that Indonesia needed to address many problems in oil and gas sector to boost oil production, which peaked to 1.5 million barrel per day in the past.

 

The risen oil production may partly ease the burden in the state budget in the country which has been a net oil importer and provides a huge oil subsidy.

 

Dwindling oil production led Indonesia become a net-oil importer in 2008, due to lacking of fresh investment.

 

The government is scrambling to ease huge oil subsidy which has hampered allocation of state budget to infrastructure and other sectors.

 

The pair of Jokowi, nick name of Joko Widodo, and Kala plans to reduce oil subsidy by rising oil price that would allow them to have more funds or building roads, schools, health facilities, seaports and ports, and other infrastructure facilities.

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