Minister Of Energy And Mineral Resources Proposes Indonesian Oil Lifting In 2025 Of 601,000 BOPD

Minister of Energy and Mineral Resources Arifin tasrif. (Photo: Maria Trisnawati/VOI)

JAKARTA - The Ministry of Energy and Mineral Resources (ESDM) proposed the target of lifting Indonesian oil in the 2025 State Revenue and Expenditure Budget Draft (RAPBN) of 580,000 to 601,000 barrels of oil per day (BOPD).

This target is lower than the oil lifting target in 2024 which is set at 635,000 BOPD.

"Earth Oil Lifting is 580,000 to 601,000 barrels per day," said Arifin in a Working Rapt (Raker) with Commission VII DPR RI, Wednesday, June 5.

Meanwhile, the Indonesian gas lifting in the 2025 RAPBN is proposed at 1.04 million barrels of oil equivalent per day (BOEPD).

Thus, Indonesia's oil and gas lifting in the 2025 RAPBN is proposed at 1,583 1,648 thousand barrels of oil equivalent per day.

"Observing the realization until May 2024 and outlook 2024, Oil and Gas Lifting at the 2025 RAPBN is proposed at 1,583 1,648 thousand barrels of oil equivalent per day," continued Arifin.

Then the realization of cost recovery until May 2024 amounted to 2.51 billion US dollars or 30 percent of the APBN target of 8.25 billion US dollars.

Meanwhile, the outlook for 2024 is 8.26 billion US dollars.

"In the 2025 RAPBN cost recovery, which we proposed was 8.5 US$ 8.7 billion," said Arifin.

Meanwhile, the average price of Indonesian crude oil in the 2025 RAPBN is proposed at 75 to 85 US dollars per barrel.

Arifin explained, this is based on the average realization of the ICP until May 2024 of US$81.67 per barrel and tends to fall, as well as based on the projections of the Reuters and Short Term Energy Outlook from the United State-Energy Information Administration-Department of Energy, world oil prices in 2025 are estimated in the range of 80.46 to 87.79 US dollars per barrel.

"Other factors that affect oil prices include agreements to limit oil production from OPEC+ countries, strengthen the US Dollar exchange rate against several currencies, including Indonesian currencies, as well as political tensions in two regions, namely Eastern Europe and the Middle East," Arifin concluded.