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State revenue from oil and gas sector is recorded at Rp 6.99 billion

26 October 2020 22:43

JAKARTA. The Ministry of Energy and Mineral Resources (ESDM) reported that state revenue from the upstream oil and gas sector was recorded at Rp 6.99 billion by September 2020, supported by the strengthening of the Indonesian Crude Price (ICP).

Agung Pribadi, the Head of the Communications Bureau of the Ministry of Energy and Mineral Resources, said that the average ICP until the end of September was recorded at US$ 42 per barrel, 10.53% higher than the assumption in the Revised State Budget (APBN-P) 2020 of US$ 38 per barrel.

So far, the Indonesian government estimates that state revenue from the upstream oil and gas sector by the end of 2020 is estimated to reach US$ 7.21 billion. The projection was made by the Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas), after taking into account the impact of the second wave of the COVID-19 pandemic.

"Due to the second wave of the CoVID-19 pandemic, world oil demand is still unstable," said Dwi Soetjipto, Head of SKK Migas. (KR/AR)

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