JAKARTA (Yosefardi) – Commission VII of House of Representative (DPR) and Ministry of Energy & Mineral Resources (ESDM) have approved lifting of crude oil and condensate for 2014 budget draft at 870,000 barrels per day.

Gas lifting is set for 1.24 million barrels oil equivalent per day, then lifting oil and gas for 2014 is proposed at 2.11 barrels oil equivalent per day.

While the Indonesia crude price (ICP) is not yet determined given the current unstable global economy. Government has proposed at US$106 per barrel.

The fuel subsidy quota is set at 48-51 million kiloliters, consisting of premium (33.5 million kl), kerosene (1.1-1.2 million kl), and diesel fuel (16.44-17.71 million kl).

SKK Migas expects crude oil lifting target for 2014 would be achieved under support from Cepu block’s production by 165,000 barrels per day, realized in October next year. Cepu block is hoped to contribute 58,960 barrels per day in 2014.

While Chevron Paficic is expected to produce 310,500 barrels per day next year, Pertamina EP produces 128,890 barrels, Total E&P Indonesie produces 67,000 barrels, and Pertamina Hulu Energy produces 39,400 barrels. (yohanneso@yosefardi.biz)