Revenue to exceed target: SK MIGAS

By Godang Sitompul

SK MIGAS has estimated that full-year revenue from the upstream oil and gas sector will exceed target, despite the lower-than-targeted oil production.

Revenue is expected to hit US$36 billion, or 108 percent of target. Oil production meanwhile is forecasted to average 860,000 barrels per day from the 930,000 bopd target, said SK Migas Chairman Jero Wacik who is also the Energy and Mineral Resources Minister.

Production for next year has been set at 900,000 bopd. Revenue meanwhile is forecasted to reach $31.75 billion.

?We are optimistic to be able to meet that target. We will work hard to make that happens,? Jero said.

Cost recovery has also been earmarked at $15.5 billion.

Editing by Dadan Wijaksana