Oil, gas revenue exceeds target

Petromindo|Thomas

State revenue from the oil and gas sector as per end November of this year totaled Rp 121 trillion, exceeding the full-year target of Rp 118.44 trillion set in the 2017 state budget.

Ministry of Energy and Mineral Resources Spokesman Dadan Kusdiana was quoted by bisnis.com as saying that the relatively stronger revenue performance was attributed primarily to higher oil price. The monthly average of Indonesia Crude Price stood at US$51.88 per barrel, higher than the $46 per barrel assumption in the state budget.

Oil production, however, was still lower than target. Average oil production as per November 10 stood at 803,065 bpd, compared to the state budget target of 815,000 bpd. Gas production, meanwhile, has exceeded target at 8,115 mmscfd.

Dadan also said that although oil and gas revenue has exceeded the target set in the 2017 state budget, in terms of value it is lower than the realized revenue in 2014 and 2015, respectively at Rp 320.15 trillion and Rp 122.51 trillion. Last year, revenue stood at Rp 83.8 trillion. (*)