Minister, House agree on higher oil price assumption
Wednesday, July 12 2017 - 02:26 AM WIB
Minister of Energy and Mineral Resources Ignasius Jonan had reached agreement on Monday with the House of Representatives Commission VII on energy and mining on new oil price assumption for the revised 2017 State Budget.
The ministry said in a statement that the Indonesia Crude Price (ICP) assumption has now been set at US$46 per barrel, slightly higher than the $45 per barrel assumption used in the original 2017 State Budget.
The statement, however, said that the oil and gas lifting targets in the revised 2017 State Budget were maintained as originally planned, respectively at 815,000 bpd, and 1.15 million boepd.
The statement said that as per June 2017, oil and gas lifting had reached 1,934 boepd, compared to the full-year target of 1,965 boepd.
Editing by Reiner Simanjuntak