July 31, 2013 / 11:38 AM / 4 years ago

Indonesia misses H1 crude oil production target by 1 pct

JAKARTA, July 31 (Reuters) - Indonesia produced an average 831,000 barrels of oil (bpd) per day in the first half of 2013, around 1 percent below the government budget target of 840,000 bpd, upstream oil and gas regulator SKKMigas announced in a statement on Wednesday.

The former OPEC member was once self-sufficient in oil and gas but has been struggling for years to attract investment to halt declining output.

Despite the shortfall, seven oil an gas contractors, including the local units of Chevron and ConocoPhilips , as well as Pertamina and Medco, exceeded targeted output figures, the statement said.

Non-technical issues such as permit processing by regional administrations, the sealing of wells and oil theft are the most significant problems affecting Indonesia’s oil production, it says.

Southeast Asia’s largest economy has often missed annual oil production targets, which have gradually fallen from a peak of around 1.6 million bpd in 1995.

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