State revenues from oil, gas and minerals reach Rp 346 trillion

State revenues from oil, gas and mineral products reached a total of Rp 346 trillion (1US$= Rp 10, 950) in 2008, far higher than the initial target of Rp 298 trillion or from Rp 225 trillion booked in 2007, largely thanks to the surge in crude oil prices in most parts of the year.

Minister of Energy and Mineral Resources Purnomo Yusgiantoro said in Jakarta on Tuesday the contribution of revenues from oil, gas and minerals to the state total receipts rose to 36 percent this year from 30.2 percent in 2007.

Purnomo said the realized prices of Indonesian crude averaged US$103.31 per barrel, far higher than the initial target of $95 per barrel or from the 2007 average realized price of $69.69 per barrel. The total crude oil sales also rose 931,000 barrels per day (bpd) from 899,000 bpd in 2007.

Oil and gas contributed Rp 303 trillion to the state total revenues, while mineral products provided Rp 42 trillion and others Rp 1.2 trillion. In 2007, revenues from oil and gas totaled Rp 186 trillion, while mineral products contributed Rp 37 trillion and others Rp 1.2 trillion.(godang)