REPUBLIKA.CO.ID, JAKARTA -- Indonesia's state oil and gas revenues is predicted to shrink to Rp112 trillion-Rp193 trillion in 2015 compared with in 2014 as a result of oil price fall, the Upstream Oil and Gas Regulator (SKK Migas) said.

Chief spokesman of SKK Migas Rudianto Rimbono said in 2014, state revenues from oil and gas reached US$28.3 billion or around Rp354 trillion.

"In 2015, the state share of oil and gas production is expected to fall to only US$12.9 billion-US$19.4 billion (Rp161 trillion-Rp243 trillion)," Rudianto said here on Wednesday (31/12).

He said in 2015, the average oil price is predicted to fall to US$65-US$85 per barrel from an average of US$100.48 per barrels in 2014.

He said oil lifting (production sold) is predicted to average 840,000-850,000 barrels per day in 2015 and gas lifting is predicted to reach 1,17 million barrels - 1.177 million barrels per day.

Operating and development costs are estimated to reach US$18.6 billion - US$19.5 billion, he added.

In 2014, oil lifting averaged 794,000 barrels per day and gas lifting 1.218 million barrels per day.

Altogether oil and gas revenues in 2015 are estimated to reach US$52.7 billion including US$28.9 billion in oil revenue and US$23.8 billion in gas revenue.

The state's share of the oil revenue was US$17.02 billion, cost recovery to be repaid to contract was US$8.68 billion and shares of contractors totaled US$3.18 billion.

State's share of gas revenues was US$11.32 billion and those of contractors totaled US$5.26 billion and cost recovery to be repaid to the contractor totaled US$7.23 billion.

Altogether state share of the revenues totaled US$28.33 billion, contractors' share totaled US$8.43 billion and cost recovery totaled US$15.91 billion.

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