Indonesia cuts 2014 crude lifting target to 818,000 bpd

JAKARTA Tue May 13, 2014 8:54am EDT

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JAKARTA May 13 (Reuters) - Indonesia has revised down its 2014 crude oil lifting target to 818,000 barrels per day (bpd), compared with a previous target of 870,000 bpd, Finance Minister Chatib Basri said.

"Cepu is not yet (fully) operational. It will only commence (full field) operation in November," Basri said, referring to Indonesia's biggest crude find in decades. The field is operated by ExxonMobil Corp.

Southeast Asia's largest economy was once self-sufficient in oil and gas but has been struggling for years to attract investment to halt declining output. It has often missed oil production targets, which have gradually fallen from a peak of around 1.6 million bpd in 1995.

Recent output figures from the former OPEC member show daily production hovering below 800,000 bpd.

(Reporting by Nina Kusuma; Writing by Fergus Jensen; editing by Keiron Henderson)

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