"By the end of the year, we are optimistic that the revenue will reach US$34.14 billion, exceeding the target set in the 2012 budget," BP Migas head of public relations A Rinto Pudyantoro said.Jakarta (ANTARA News) - The executive agency for downstream oil and gas business, BP Migas, has announced that state revenue from the oil and gas sector reached US$18.81 billion in the first half of 2012.
BP Migas head of public relations and institutional relations A Rinto Pudyantoro said here on Wednesday that the revenue accounted for 56 percent of the 2012 target of US$33.48 billion.
"By the end of the year, we are optimistic that the revenue will reach US$34.14 billion, exceeding the target set in the 2012 budget," he added.
The revenue was high because of the change in crude oil prices and the renegotiation of gas price, among other things, Rinto explained.
He pointed out that Indonesian crude price (ICP) in the first half of 2012 reached US$117 per barrel, which was much higher than the assumed price of US$105 per barrel in the budget.
Meanwhile, the average selling price of gas went up to US$10.83 per million British thermal units (MMBTU).
"Renegotiation of the selling price of gas indeed had a significant impact on state income," Rinto said.
By the end of 2013, ICP is projected to be at US$108 per barrel, or above the budget assumption, he added.
Rinto stated that the price of gas was expected to reach US$9.62 per MMBTU, higher than US$8.23 per MMBTU assumed in the 2012 budget.
Regarding cost recovery, Rinto said it had only reached 24 percent of the gross income from the oil and gas sector during the first half of 2012.
"This is smaller than the earlier estimate of 26 percent," he noted.(*)
Editor: Heru Purwanto
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