Oil production reached 400,621 million barrels in 2003

Indonesia’s total oil production reached 400.621 million barrels in 2003, or only 84.6 percent of the target in the state budget, while state revenues from oil exports during the year totaled US$11. 508 billion or 108 percent of the target, Kompas reported on Tuesday.

According to the report issued by the ministry of energy and mineral resources, the total gas production in 2003 reached 2.392 million metric British thermal unit (MMBTU) or about 96 percent of the state budget target, while state revenues from gas exports during the year totaled US$8.615 billion or about 108.49 percent of the target.

The oil and gas production data which was prepared by the ministry in cooperation with BP Migas and oil and gas contractors, would be submitted to the ministry of finance to be used as the base for calculating the share of oil gas producing provinces.

The actual price of Indonesia’s crude oil imports reached US$28.73 per barrel, exceeding by 30.6 percent of the price assumption of US$22 per barrel in the state budget. (*)