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Indonesia expects lower revenues from oil & gas sector this year

JAKARTA ( – Indonesian Special Task Force for Upstream Oil and Gas Business (SKK Migas) said that revenues from upstream oil and gas activities are expected to reach US$26 billion this year, lower than last year on the back of falling world crude oil price.

Secretary of SKK Migas I Gde Pradnyana said that the lower revenues was in line with the lower Indonesian Crude Price (ICP) which is assumed at US$60 per barrel, compared to US$105 per barrel last year. The ICP is used in calculating the revenues of the State Budget in oil and gas sector.

He made the statement the statement during a hearing with the House of Representative (DPR) Commission VII which oversees energy and mineral resources sectors.

In 2014, Indonesia revenues from upstream oil and gas business reached US$28.3 billion or equal to Rp350 trillion, lower than the government’s target of US$29.67 billion, also lower from 2013’s revenues of US$31.32 billion.

The House and the government had also agreed to set natural gas production of 1.221 million barrels of oil equivalent, while oil lifting is set at 825,000 barrels per day. (*)

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