Indonesia reported Monday its daily oil production stood below the target of 1.05 million barrels due to natural depletion and lack of new investment.

Southeast Asia's only OPEC member said oil production averages 966,449 barrels per day as of March 28.

The only way to boost production is by exploring new, large oil wells, said Dodi Hidayat, deputy chairman of the Oil and Gas Executive Body (BP Migas).

"We can fill in production shortages using the existing wells, but to boost production, we need to find large wells," he added.