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Indonesia’s income from oil, gas, mining seen to be higher than target

JAKARTA (RambuEnergy.com) – The oil, gas and mining sectors are expected to contribute Rp240.3 trillion to the government’s income this year, higher than the government’s early target of  Rp156.7 trillion, driven by higher prices of those commodities, the Energy and Mineral Resources Minister Ignasius Jonan said.

Of the total income, oil and gas is expected to contribute Rp199.7 trillion, comprising of oil and gas income tax amounted to Rp55.4 trillion and non-tax revenues is estimated to reach Rp144.3 trillion. Meanwhile,  the income from coal and minerals is estimated to reach Rp40.6 trillion.

“It is about 50% higher than projected income set in the State Budget,” Minister Jonan said in a press conference Monday.

On the other hand,  energy subsidy is expected to reach Rp148.9 trillion, higher than early target of Rp94.6 trillion. However, the excess subsidy can still be covered by higher-than-expected income from the energy sector, he said.

The government sets Indonesian Crude Price (ICP) at US$48 per barrel, while oil price is now hovering around US$70 per barrel. (*)

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