December 6, 2012 / 10:01 AM / 5 years ago

Indonesia's 2013 LNG exports set to drop 13.8 pct -regulator

JAKARTA, Dec 6 (Reuters) - Indonesia’s liquefied natural gas (LNG) exports are expected to drop 13.8 percent in 2013, to 274 cargoes, largely as a result of a drop in production at its Mahakam block, a source at the country’s newly established interim oil and gas regulator (SKMigas) told Reuters on Thursday.

“The problem is in the reservoirs. The capacity of the reservoirs is no longer as was expected,” said the source, who declined to be identified.

Indonesia also plans to retain 32 cargoes next year compared to 14 in 2012, the source said, to fuel the mushrooming domestic power needs of Southeast Asia’s largest economy.

LNG, a cooled form of the natural gas, allows the resource to be shipped far from the rocks in which it is found, often to Asian markets, where there is strong demand and it fetches a higher price.

Indonesia’s LNG is shipped to Japan, Korea, the United States and China.

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