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Draining Indonesia Oil Fields Raise Import Need: Southeast Asia

Magenta-colored bars creep up on a monitor screen at the control room of Senipah-Peciko-South Mahakam oil terminal in Indonesia’s East Kalimantan province, indicating three storage tanks are being filled. “It takes more than 60 days now to fill a 500,000 barrel tank with crude from Bekapai field,” said Kristanto Hartadi, a spokesman at Total E&P Indonesie, a unit of the French oil major Total SA (FP) that operates the facility. “That compares with about 10 days when it was at full production.” Bekapai, which pumped more than 50,000 barrels a day in 1978, now flows at just 7,000 barrels, a symbol of the decline in Indonesia’s oil and gas production. Aging fields, rising exploration costs and increased fuel demand will force Southeast Asia’s most populous nation to import 90 percent of the oil it needs by 2030, according to the Agency for the Assessment and Application of Technology. Domestic […]

Posted On : Published By : Tom Whipple
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Pirates Hijack Tanker Near Singapore in Second Attack in a Month

Pirates hijacked a second tanker in a month off the Malaysian coast near Singapore, Asia’s biggest oil-trading hub, according to the International Maritime Bureau. Ten pirates armed with guns and knives boarded a tanker about 7.3 nautical miles (13.5 kilometers) west of Malaysia’s Pulau Kukup in the Strait of Malacca , forcing the crew to transfer gasoil from the vessel to another ship, the IMB’s Piracy Reporting Center said in a Nov. 7 incident report on its website. The attack was about 34 miles west of Singapore, according to the co-ordinates recorded by the agency. The U.S. Energy Information Administration identifies the Malacca Strait, which connects the Indian Ocean with the South China Sea and Pacific Ocean, as one of the world’s two “most strategic chokepoints” for oil trade along with the Strait of Hormuz in the Persian Gulf. It is the shortest sea route between the Middle East […]

Posted On : Published By : Tom Whipple
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Indonesia likely to miss revised 2013 crude output target: SKK Migas

Jakarta (Platts)–4Nov2013/226 am EST/726 GMT Indonesia is likely to miss the government’s revised 2013 crude production target of 840,000 b/d, by pumping only 827,000 b/d on average this year, Elan Biantoro, spokesman for upstream regulator SKK Migas, said Monday. But the country may manage to arrest the rate of decline in output, Biantoro added. “The average production as of October this year is 827,000 b/d on average. We estimate that the production figure is likely to be same until the end of the year. It is difficult to meet the government’s target,” Biantoro said. Article continues below… Request a free trial of: Oilgram News Oilgram News Oilgram News brings you fast-breaking global petroleum and gas news on and including: Industry players, upstream and downstream markets, refineries, midstream transportation and financial reports Supply and demand trends, government actions, exploration and technology Daily futures summary Weekly API statistics, and much more […]

Posted On : Published By : Tom Whipple