Indonesian crude output slides

Crude production slipped to 824,200 bpd in November, from 828,400 bpd in October. But Indonesia's condensate output rose to 129,000 bpd in November from 120,000 bpd in the previous month.
"Most of Indonesian oil wells are old and we cannot avoid falling production. The new wells cannot compensate for the fall in output," said an official at BP Migas, the country's energy watchdog.

Indonesia has offered new exploration rights and has said it will offer new incentives to oil and gas investors, including more favourable tax treatment and production split, in order to encourage exploration and stem a steady decline in production. But industry players have said the incentives are not enough.
Major global oil contractors working in Indonesia include Chevron, ConocoPhillips, and France's Total.