The Indonesian upstream energy regulator, SKKMigas, has unveiled production targets for crude oil and natural gas in 2015 and 2016. Indonesian hydrocarbon production has been declining for years and the country is struggling to attract investments and inverse the downward trend, especially in a context of low oil price (several firms have relinquished exploration assets). SKKMigas targets a domestic oil production of 825,000 bbl/d in 2015 (from 795,000 bbl/d on average in 2014); the regulator has lifted the production target for the Cepu block, operated by ExxonMobil, from 116 mb/d in 2015 to 161-165 mb/d in 2016 (Chevron was targeting more than 200 mb/d peak output at Cepu in late 2015). For other majors, oil production targets for 2016 are lower than 2015 : from 6 mb/d in 2015 to 5.7 mb/d in 2016 for BP, from 66 to 57 mb/d for Total, from 29 to 24 mb/d for ConocoPhillips and from 295 to 278 mb/d for Chevron. Gas production targets will also decline in 2016.
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