(MENAFN) ExxonMobil has started ramping up production at a new Indonesian oilfield, targeting a peak output of 200,000 bpd this year that will add to an already-oversupplied market, Gulf Times reported.
Output from the Banyu Urip field is crucial to Indonesia's long-term efforts to meet rising domestic demand as production declines at ageing fields in the former OPEC member.
The field will help Indonesia meet a target of producing some 830,000 bpd this year, up from output of just below 800,000 bpd in 2014. These figures are half the country's peak output in the mid-1990s.
"We continue to see strong capacity results and will continue to ramp up production until we reach peak field production of 200,000 bpd in 2015," vice president of ExxonMobil Indonesia said.
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