Indonesia Pertamina cuts 2020 target, Balikpapan refinery shuts early May

Indonesia’s oil and gas company PT Pertamina is reducing new drilling amid weak demand for oil and is cutting the output target this year by 3%, chief executive Nicke Widyawati told members of parliament.

Crude and gas output is now targeted at 894,000 barrels of oil equivalent per day (boepd), from the previous 923,000, she said.

Meanwhile, Pertamina expects to fully shutdown Balikpapan refinery in early May. Operations at the refinery have been gradually reduced this month. (Reporting by Wilda Asmarini Writing by Fransiska Nangoy Editing by Shri Navaratnam)

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