BPMA Deposits Revenue To The State 2.74 Million US Dollars

Illustration of oil and gas production site. (Photo: ANTARA)

JAKARTA - The Aceh Oil and Gas Management Agency (BPMA) reported the figure for state revenues from oil and gas in the first quarter of 2022 of 2.74 million US dollars or 137 percent of the target of 2 million US dollars.

Head of BPMA, Teuku Mohamad Faisal, said that this achievement was due to the higher average price of Indonesian crude oil or ICP than the projected work, program, and budget (WP&B) in 2022. is 2.74 million US dollars," Faisal said as quoted by Antara, Thursday, June 9.

Another factor that drives state revenues is BPMA's higher natural gas lifting and cost recovery in work area B is still lower than the projection for the first quarter on the assumption of WP&B 2022.

Throughout January to March 2022, BPMA recorded an oil and gas production figure of 22,106 barrels of oil equivalent per day (BOEPD) or 105 percent higher than the target of 21,017.81 BOEPD.

This success was driven by the activities of natural gas wells in Block A Aceh. Meanwhile, the lifting cost of oil and gas production was recorded at 17.68 US dollars per barrel or lower than the target of 17.7 US dollars per barrel. Chairman of the Commission VII DPR RI Sugeng Suparwoto appreciates BPMA's performance achievements in the first three months of 2022.

He said he would encourage BPMA to continue to improve business performance and help with institutional issues, both in terms of budgets and so on. "We hope that BPMA will become a bridge to investments, especially in Aceh," said Sugeng.

For your information, BPMA is a government agency under the Minister of Energy and Mineral Resources and is responsible to the Minister of Energy and Mineral Resources and the Governor of Aceh.

BPMA was formed to carry out the implementation, control, and supervision of cooperation contracts for upstream business activities so that the management of oil and natural gas natural resources in Aceh can provide maximum benefits and revenues for the state for the greatest prosperity of the people.