The increase in non-tax revenue was a result of higher ICP (Indonesia Crude Price) and global oil price stabilityJakarta (ANTARA) - Indonesia's non-tax state revenue from the oil and gas sector had reached Rp103.19 trillion (US$7.18 billion) in 2021, the Energy and Mineral Resource Ministry stated.
The revenue comprised Rp97.98 trillion (US$6.61 billion) of income from oil and gas resources, or 130 percent of its target at Rp75 trillion (US$5.21 billion), and Rp5.21 trillion (US$361 million) from the domestic market obligation (DMO) on oil, Director General of Oil and Gas Tutuka Ariadji noted during an online press conference here on Wednesday.
"The increase in non-tax revenue was a result of higher ICP (Indonesia Crude Price) and global oil price stability," he remarked.
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Ariadji affirmed that the realization of oil and gas lifting in 2021 had reached 647.89 million barrels of oil per day (MBOPD), or 91.89 percent of its target set at 705 MBOPD.
Natural gas lifting during the period had reached 981.98 million barrels of oil equivalent per day (MBOEPD), or 97.51 percent of its target at 1,007 MBOEPD.
"The ICP was recorded at US$68.47 per barrel, or 161 percent of its target (at US$45 per barrel)," he elaborated.
According to Ariadji, the oil and gas lifting target could not be met due to the low entry point in early 2021, unplanned shutdown, and delays in bringing some projects onstream.
"We need to increase oil and gas lifting, such as through optimizing existing fields and accelerating transformation of production resources by expediting the plan of development (POD) of new fields," he stated.
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The government will also enforce enhanced recovery in potential fields, increase exploration, accelerate the licensing process, and solve various operational problems on the field.
Oil and gas lifting in 2022 is targeted at 705 MBOPD for oil and 1,036 MBOEPD for gas, with average ICP projected to reach US$63 per barrel.
In oil and gas investment, realization in 2021 had reached US$15.9 billion, or 94.58 percent of its target at US$16.81 billion.
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Translator: Ade Irma Junida, Sri Haryati
Editor: Fardah Assegaf
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