Oil and gas revenues may exceed government?s target

State revenues from oil and gas production is expected to reach US$32.6 billion this year, exceeding the target of $32.4 billion stated in the revised 2011 state budget, according to upstream oil and gas regulatory body BP Migas?s latest estimate.

The agency?s deputy for finance, Ahmad Syahroza, said on Thursday that the country?s oil and gas lifting (net production) reached a total of 2.14 million barrels of oil equivalent for per day (boepd) as of September or 94 percent from the government?s target stated in the revised 2011 state budget.

?As of September, the oil and gas sector has so far contributed US$26 billion to the state revenues or 83 percent of the government?s target.? he said, adding that with the current production trend, the state revenues from oil and gas could reach $32.6 billion this year exceeding the initial target of $32.4 billion.

Realized oil and gas production reached a total of 2.52 million boepd in 2010, a 8.4 percent higher than 2.36 million boped in 2009. (bernard)