Indonesia Lowers Oil, Gas Revenues

Indonesia’s oil and gas revenues in 2013 is likely to be lower than 2012, Jakarta Post has said citing BPMigas offcials. The target for next year has been set at $31.75 billion lower than this year’s $36.83 billion figure.

Newly appointed BPMigas spokesperson, Hadi Prasetyo, said the state’s revenues from oil and gas had been lowered in line with the decline in the Indonesian Crude Price (ICP) and a projected drop in production during the year. According to the 2013 state budget, the ICP is set at $100 per barrel with target production of 900,000 barrels per day (bpd) of oil. In 2012, the ICP was set at $105 per barrel with target production of 930,000 bpd, the newspaper said.

In 2011, the government received $35.79 billion from the oil and gas sector, higher than its initial target of $32.4 billion due to higher than estimated oil prices. This year, the realized revenues from oil and gas are predicted to reach $36.83 billion, exceeding the initial target of $33.48 billion.