Oil and gas revenue reaches Rp 109.185 trillion in 2004 : Official

The government?s revenue from oil and gas sector in 2004 has reached Rp 109.815 trillion, the Investor Daily Indonesia newspaper reported in its Tuesday edition.

The amount includes Rp 62.924 trillion from oil, Rp 23.713 trillion from gas, Rp 7.813 trillion from oil taxes and Rp 15.36 trillion from gas taxes.

?The revenue is calculated on the assumption of oil price of US$37.17 per barrel and exchange rate of Rp 8,900 per U.S. dollar," I Wayan Suryana, a director of oil and gas trade, said.

Earlier, Minister of Energy and Mineral Resources Purnomo Yusgiantoro said the government may not be able to meet the 2004 oil and gas revenue target of Rp 100 trillion.

During a public expose on the evaluation report of the oil and gas sector?s 2005-2009 outlook in Jakarta on Wednesday, Purnomo said the fall in oil and gas revenue was mainly because of the sharp decline in the country's national oil and gas production.

?The production is less optimal because of so many aging oil and gas fields. That?s why we need to develop new fields,? Purnomo said.

?We must try to increase our national oil and gas production to above one million barrels per day next year. Several fields (new) have already began their production,? Purnomo added. (*)