Indonesia's Oil and Gas Revenues Predicted to Shrink in 2015

         Jakarta (Antara Bali) - Indonesia's state oil and gas revenues is predicted to shrink  to Rp112 trillion-Rp193 trillion in 2015 compared with in 2014 as a result of  oil price fall, the Upstream Oil and Gas Regulator (SKK Migas) said. 

    Chief spokesman of SKK Migas  Rudianto Rimbono said  in 2014, state revenues from oil and gas  reached US$28.3 billion  or around Rp354 trillion.

         "In 2015, the state share of oil and gas production is expected to fall to only US$12.9 billion-US$19.4 billion (Rp161 trillion-Rp243 trillion)," Rudianto said here on Wednesday.

         He said in 2015, the average oil price is predicted to fall  to US$65-US$85 per barrel from an average of US$100.48 per barrels in 2014.

         He said oil lifting (production sold) is predicted to average 840,000-850,000 barrels per day  in 2015  and gas lifting is predicted to reach 1,17 million barrels - 1.177 million barrels  per day.

         Operating  and development costs are estimated to reach US$18.6 billion - US$19.5 billion, he added.

         In 2014, oil lifting averaged  794,000 barrels  per day and gas lifting  1.218  million barrels per day.

         Altogether oil and gas revenues in 2015 are estimated to reach US$52.7 billion  including  US$28.9 billion in oil revenue and US$23.8 billion in gas revenue.

         The state's share of the oil revenue was US$17.02 billion, cost recovery to be repaid to contract was US$8.68 billion  and shares of contractors totaled US$3.18 billion.

         State's share of gas revenues was US$11.32 billion  and those of contractors totaled US$5.26 billion and cost recovery to be repaid to the contractor totaled  US$7.23 billion.

         Altogether state share of the revenues totaled US$28.33 billion, contractors' share totaled US$8.43 billion and cost recovery totaled US$15.91 billion. (WDY)