Ministry proposes lower oil lifting target in 2018
Thursday, June 8 2017 - 12:58 AM WIB
Petromindo|Dasir
The Ministry of Energy and Mineral Resources proposed lower oil lifting target of 800,000 bpd next year, compared to 815,000 bpd assumption in the 2017 State Budget.
Director General of Oil and Gas at the ministry, IGN Wiratmaja Puja told lawmakers at the House of Representatives State Budget Committee on Wednesday, however, that natural gas lifting is targeted to be higher at 1.2 million boepd, thus making the total oil and gas lifting target for next year at 2 million boepd, slightly higher than the 1.96 million boepd assumption in the 2017 State Budget.
Wiratmaja said as quoted by a ministry statement that the average Indonesia Crude Price (ICP) for next year is targeted at US$55 per barrel, higher than $45 per barrel assumption in the 2017 State Budget.
He said that the ministry proposed higher volume of subsidized fuel next year at 17.14 million kilo liters, compared to 16.61 million kl. Volume of subsidized kerosene is maintained at 0.61 million kl, while subsidized automotive diesel fuel is set at higher volume of 16.53 million kl as the economic growth next year is targeted to be higher at 6.1 percent.
Editing by Reiner Simanjuntak