Govt's oil and gas revenues total Rp 96.29 trillion as of November

The government's revenues from oil and gas reached a total of Rp 96.29 trillion as of November 23, this year, far below the government's estimate of about Rp 153.1 trillion for the entire 2005, Kompas reported on Saturday.

"Realized state revenues from oil and gas reached a total of Rp 96.29 trillion as of November 23, much lower than the government's estimated Rp 153.1 trillion for 2005," Minister of Energy and Mineral Resources Purnomo Yusgiantoro was quoted as saying.

The government estimated to receive at least Rp 153.1 trillion from oil and gas in 2005, an increase of about 41 percent from Rp 104 trillion in 2004. The higher target was set amid the sharp increase in the price of crude oils in the international market.

The average crude oil prices rose to US$57 per barrel during the second semester of this year due to damages in a number of oil refinery facilities in the United States.

Director General of Oil and Gas Iin Takhyan said that in terms of volume, the country's crude oil exports dropped to 157.5 million barrels in 2005 from 178 million barrels in 2004. But export earnings from the crude oil exports rose to US$8 billion in 2005 from US$6.5 billion in 2004 thanks to the increase in crude oil prices.

The volume of gas exports also dropped to equivalent of 234.5 million barrels from 237.5 million barrels in 2004. The export earnings however increased to US$8.2 billion from US$7.2 billion due to higher prices. (*)