Indonesia's upstream oil and gas revenue totaled $17 billion in the first half of 2011, beating a government target of $16.5 billion by 3%, a senior official at upstream regulator BPMigas said Tuesday.
"We estimate that the realized upstream oil and gas revenue for the full year will reach $32.4 billion, a 22% increase compared with the government's target of $26.6 billion," BPMigas head of communication Gde Pradnyana said.
Indonesia's oil and gas revenue in full year 2010 totaled Rupiah 220.99 trillion ($26 billion), but a half-year breakdown was not disclosed.
Oil and gas companies operating in Indonesia spent about $7 billion in H1 2011, and plan to increase spending for the full year to $18.91 billion, up 43.3% from 2010, Pradnyana said. The full year total comprises $3.19 billion for exploration and $15.72 billion for production.
The companies had planned to spend $13.6 billion on exploration and production activities in 2010, but the realized total came in at $13.2 billion due to issues such as rig unavailability and land clearing, a BPMigas official said earlier.
"There are some exploration activities set for 2011 that may have to be carried over to next year, particularly seismic survey activities due to rig unavailability," Pradnyana said of the full year 2011 projection. "Normally the realized figure is lower than the proposed figure."
Indonesia has seen its crude output fall over the years due to natural decline at aging fields. The crude and condensate output target has already been cut 3% to 945,000 b/d from the original 2011 state budget target of 970,000 b/d due to natural decline.
The country failed to achieve its 2010 crude target of 965,000 b/d by pumping only 947,000 b/d, but did exceed its 2010 gas output target by 17.4% to produce at a rate of 8.88 billion cu ft/d.
