Low oil prices have affected Indonesia’s oil and gas revenues in the first quarter of the year, the country’s Energy and Mineral Resources Ministry has said.
The ministry report says that oil and gas revenues until October this year were $13.08bn (IDR124tn), which is only 67% of this year’s target.
The Director General for Oil and Gas Evita H Legowo said the low revenue was attributed to lower oil prices early this year, adding that lower revenues were partially offset by reduced expenditure on subsidised fuels by the government.
The Indonesian Government subsidises diesel, premium gasoline, liquefied petroleum gas (LPG) and kerosene.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData