Indonesia Sees 2021 O&G Revenue at $18.7-$22.31B

June 18, 2020

Illustration; A Pertamina offshore platform - Credit: Pertamina
Illustration; A Pertamina offshore platform - Credit: Pertamina

Indonesia expects gross revenue from oil and gas to fall to between $18.7 billion to $22.31 billion next year, the chairman of upstream oil and gas regulator SKK Migas told parliament on Thursday.

Oil prices of $40, $45 or $50 per barrel would produce gross revenue of $18.7 billion, $20.49 billion or $22.31 billion, Dwi Soetjipto said.

This would contribute $5.30 billion to $7.19 billion to government income, he added.

For 2020, Indonesia cut its oil and gas gross revenue outlook to $17.86 billion, having cut it by nearly half in April to $19 billion from $32 billion.

This assumes an oil price of $38 per barrel and would mean $5.86 billion in government income.

SKK Migas kept its 2021 crude lifting estimates unchanged from this year at 705,000 barrels per day for oil and 5,638 million cubic feet per day for gas.

 (Reporting by Wilda Asmarini; writing by Fathin Ungku; editing by Jason Neely)



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