JAKARTA, Indonesia (Bloomberg) -- Indonesia, once the biggest oil producer in Southeast Asia, is giving up on its target of restoring output to 1 MMbpd even as operations begin at the Cepu block in Central Java. New projects will add little to Indonesia’s reserves, while output from aging fields will continue to decline, Deputy Energy and Mineral Resources Minister Susilo Siswoutomo said at this week’s inauguration of Cepu block, operated by a unit of Exxon Mobil Corp.. Without more exploration, Indonesia’s oil production may fall to 600,000 bpd in 2020, he said.
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Indonesia to miss oil production target of 1 MMbpd
![Indonesia to miss oil production target of 1 MMbpd]()
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