Revenue From Energy Set At Rp 189.48 Trillion

The energy and mineral resources sectors are expected to contribute Rp 189.48 trillion (US$18.9 billion) to state coffers in 2010, an official says.Spokesman for the Energy and Mineral Resources Ministry Sutisna Prawira told Antara news agency on Saturday the revenue from the sectors would account for 20 percent of the country’s total income.

Sutisna said the House of Representatives and government had agreed an assumed price of $65 per barrel at an exchange rate of Rp 10,000 per US dollar as the basis for calculations. National crude oil output was set at 965,000 barrels per day.

The lawmakers have also approved a total energy subsidy of Rp106.53 trillion for next year. Rp 57.36 trillion of this amount will be allocated for fuel and biofuel subsidy.

Apart from the energy subsidy, the government will have to pay  $12 billion in cost recovery to oil and gas contractors next year.

Source : The Jakarta Post.