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Upstream revenue projection set at US$15.2b in 2019
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Finance Ministry fiscal policy head Suahasil Nazara. (kompas.com/ Ahmad Fauzi )
T
he House of Representatives' budget committee on Wednesday approved oil and gas upstream revenue at US$15.2 billion in 2019, the figure proposed by the government, which is 27 percent higher than last year’s realization at $11.9 billion.
In the first half of 2018, the government had collected $8.5 billion, or already 71 percent of this year's total target of $14.2 billion. Therefore, the government believed that the whole year revenue realization would exceed the target.
Finance Ministry fiscal policy head Suahasil Nazara said the target was based on four indicators — oil and gas lifting, cost recovery target, the assumption of Indonesia Crude Price (ICP) and the rupiah exchange rate assumption against the US dollar.
The budget committee agreed that oil lifting would be at 775,000 barrels of oil per day, gas lifting at 1.25 million barrel equivalent oil per day, cost recovery target at $10.22 billion, ICP assumption at $70 per barrel and rupiah exchange rate Rp 14,500 per US dollar.
“Oil and gas income tax in 2019 was set at Rp 63 trillion and the non-tax revenue was set at Rp 162 trillion. Projection of the total revenue from the upstream sector is Rp 225.9 trillion,” Suahasil said. (bbn)
