Indonesia's Oil, Gas Revenue to be $36 bn This Year

Indonesia expects to generate oil and gas revenues to the tune of $36 billion by the end of 2012, which is higher than the initial target by 8%.

“Initially, the state revenue from the sector was projected at $33.48 billion, which means the realization of $36 billion in revenue is 108 percent of the original target,” country’s Energy and Mineral Resources Minister Jero Wacik told Jakarta Post. 

Indonesia’s crude oil output is only expected to reach 860,000 barrels per day by the end of this year — 8 percent short of the government’s original target of 930,000 barrels per day and down by 4 percent from last year’s level. 

In 2013, the government expects $31.75 billion in state revenue from the oil and gas sector, after 17 percent or $9.7 billion of the total revenues from the sector goes to oil and gas contractors and 27 percent or $15.5 billion goes to the cost recovery scheme, the newspaper said.