State Revenue From Hulu Migas Is Projected To Decrease, Here's The Cause

Head of the Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) Djoko Siswanto. (Photo: ANTARA)

JAKARTA - The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) projects that state revenues in the upstream oil and gas sector will decline by the end of 2025.

Head of SKK Migas Djoko Siswanto explained that state revenues in June 2024 reached 7.63 billion US dollars.

Meanwhile, the revenue target in 2025 is set at 13.03 billion US dollars.

"The realization is up to June 5.88 US dollars or 45.1 percent, the outlook is 10.83 US dollars," he said at a press conference at the SKK Migas Building, Monday, July 21.

He explained that one of the causes of the sluggish state revenue was partly due to the trend of weakening global oil prices this year. The oil prices set by the government in the State Revenue and Expenditure Budget (APBN) amounted to 82 US dollars per barrel, meanwhile the realization of oil prices ranged from 69 to 70 US dollars per barrel.

"This is automatic because the oil price is low even though our production can reach the target," he said.

On the same occasion, Deputy for Finance and Commercialization of SKK Migas, Kurnia Chairi said, another factor that affects state revenues is the performance of domestic oil lifting.

Sepanjang semester I, realisasi lifting minyak dalam negeri baru mencapai 578.000 barel minyak per hari atau barel oil per day (BOPD) atau 95.5 persen dari target tahun 2025 sebesar 605.000 BOPD.

"Faktor pendukung untuk mencapai penerimaan negara ini tentunya yang pertama adalah produksi dan lifting ya, dan kalau kita catat tadi kecenderungannya lifting akan sesuai dengan target APBN 2025 harapan kita," tandas Kurnia.

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Throughout the first semester, the realization of domestic oil lifting has only reached 578,000 barrels of oil per day or barrels of oil per day (BOPD) or 95.5 percent of the 2025 target of 605,000 BOPD.

"The supporting factor to achieve state revenue is of course the first is production and lifting, and if we noted earlier, the tendency to lift will be in accordance with our 2025 APBN target," said Kurnia.