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High oil demand across the globe is depleting existing fields and forcing producers to expand field development programs. Producers are feeling the strain, and occasionally one must leave the Organization of Petroleum Exporting Countries (OPEC). This is Indonesia’s situation. According to Energy Minister Purnomo Yusgiantoro, Indonesia will quit OPEC at the end of 2008, due to declining production. It is producing less than 1 million bopd and has had difficulty getting oil company investment to develop new fields. Other countries have experienced this change: Ecuador left OPEC 1992, followed by Gabon in 1994; however, Ecuador rejoined in 2007.
While Indonesia leaves OPEC, another country is considering joining. Brazil’s discoveries and production expansion are the reasons. Petrobras claims that discoveries at Bem-te-vi, Carioca, Jupiter and Tupi Fields bring its reserves up to 11.7 million bbl, giving the state-controlled company the fourth largest oil reserves.
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Houston, TX - November 4-5
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